Gap (GPS) Gets Killed, Same-store Down 11%

October 9, 2008 by Douglas A. McIntyre

AngrybearIn 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