In what will probably be viewed as bad news by most people, Gap’s (GPS) same-store sales dropped 11% last month. And the chain sells dirt-cheap clothes.
Net sales dropped 6% to $1.34 billion. So much for the turnaround.
Old Navy same-store numbers were down 24%, another argument for axing the brand completely.
Gap trades near the bottom of its 52-week range at $15.44. It won’t old that level for long.
Douglas A. McIntyre