Gap’s February Q4 same-store sales rise 3%, topping estimates
New York -- Gap Inc. said Thursday that its February same-store sales rose a better-than-expected 3% for the four weeks ended Feb. 25. Analysts expected a 2% increase.
The chain was due to release the sales figures after the market closed, but put them out at midday after they were found in a leaked transcript of prerecorded comments.
By division, same-store sales rose 2% at Gap and 6% at Old Navy. They fell 5% at Banana Republic.
Total revenue increased 11% to $966 million for the four weeks ended Feb. 25, boosted by a calendar shift.