August 22, 2019 / 8:25 PM / 4 months ago

Gap same-store sales miss estimates as top brands disappoint

FILE PHOTO: People pass by the GAP clothing retail store in Manhattan, New York, U.S., August 15, 2016. REUTERS/Eduardo Munoz /File Photo GLOBAL BUSINESS WEEK AHEAD

(Reuters) - Gap Inc’s (GPS.N) quarterly same-store sales fell short of analysts’ estimates on Thursday, hit by weakness at its Gap and Old Navy brands, sending its shares down 5% in extended trading.

Sales at the company’s Gap, Old Navy and other stores open for at least a year fell 4% in the second quarter ended Aug. 3, compared with analysts’ estimates of a 3.09% drop, according to IBES data from Refinitiv.

The San Francisco-based company said net income fell to $168 million (137.04 million pounds), or 44 cents per share, from $297 million, or 76 cents per share, a year earlier.

Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva

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