Gap August sales figure rises, tops Street view
SAN FRANCISCO (AP) — Clothing retailer Gap Inc. said Thursday that August revenue at stores open at least a year jumped 9 percent, as back-to-school shoppers headed into its chains, particularly Old Navy.
Results soundly beat average analyst expectations of a 5.4 percent rise, according to Thomson Reuters.
The figure on revenue at stores open at least a year is a key statistic in measuring the health of a retailer, because it excludes the effect of opening and closing stores.
At namesake Gap stores, the figure rose 9 percent. It rose 8 percent at Banana Republic and 12 percent at Old Navy.
Total sales for the four-week period ended Aug. 25 rose 9 percent from last year, to $1.2 billion.
Year-to-date, revenue in stores open at least one year rose 4 percent, and total sales rose 6 percent to $8.26 billion.
In premarket trading, Gap shares added 33 cents to $35.50. The stock has traded between $15.08 and $36.23 in the past 52 weeks, and closed Wednesday at $35.17, up about 12 percent since the start of the year.