November 20, 2018 / 9:22 PM / 24 days ago

Gap misses quarterly comparable sales estimate

Nov 20 (Reuters) - Apparel retailer Gap Inc missed analysts’ estimates for quarterly same-store sales on Tuesday, hit by another poor performance in its namesake brand.

Gap, which also owns the Old Navy casual clothing brand Banana Republic, said same-store sales were flat in the three months ended Nov. 3, below analysts’ average estimate of 1.09 percent gain, according to IBES data from Refinitiv.

Net sales rose to $4.09 billion, from $3.84 billion a year earlier.

The company also narrowed its full-year profit forecast to $2.55 to $2.60 per share from $2.55 to $2.70.

Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila

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