Reports on August retail sales ended on a sour note Thursday as Gap Inc. registered an unexpected decline in its comparable sales for the month.
Gap Inc. saw a 2 percent decline overall, with the Old Navy brand the only unit on the positive side. Old Navy was up 2 percent for the month, while Gap and Banana Republic slid down 6 percent and 2 percent, respectively. The company missed the Thomson Reuters consensus estimate for a 1.6 percent pickup, and all three of its nameplates came in below anticipated levels. Old Navy was expected to report a 3.4 percent increase, Gap a 0.1 percent improvement and Banana Republic a 0.7 percent gain.
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