Gap says key sales measure slides 6 percent in May

AP News
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Posted: Jun 02, 2016 6:10 PM

NEW YORK (AP) — Gap says sales at established stores fell 6 percent in May. That was better than the 7 percent decline forecast by Thomson Reuters.

Sales in stores open at least a year is a key metric of a retailer's health.

By division, same-store sales fell 3 percent at Gap stores, 11 percent at Banana Republic and 7 percent at Old Navy.

The San Francisco-based retailer said Thursday the entire month was challenging, but performance improved toward the Memorial Day weekend.

For the four weeks ended May 30, Gap said total sales fell 5 percent to $1.18 billion.

CEO Art Peck has been trying to overhaul the business, which has struggled to get shoppers to buy without big discounts.

In after-hours trading, Gap Inc. shares rose 5 percent to $19.25.