Gap Same-Store Sales Decline Beats Estimates

Shares of Gap were higher Friday despite reporting a 3% drop in same-store sales for September.
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Shares of Gap (GPS) - Get Report were higher Friday despite reporting a 3% drop in same-store sales for September. Analysts were expecting a wider 3.6% decline. Same-store sales at the company's core Gap stores and Banana Republic locations fell over 9%, while its Old Navy locations open for at least one year saw growth of 4% during the month. The declines were driven in part by a fire at its New York distribution center, which the company says will likely weigh on same-store sales for October and the fourth quarter.

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