By  on September 4, 2014

Gap Inc.’s August comparable sales fell short of both analysts’ consensus estimates and year-ago levels.

While net sales were flat at $1.23 billion for the four weeks ended Aug. 30, comparable sales dropped 2 percent, with only the Old Navy brand landing in positive territory with a 2 percent increase.

Gap brand fell 6 percent versus a 2 percent gain a year ago and Banana Republic dropped 2 percent during the month.

On average, analysts surveyed by Thomson Reuters expected a 1.6 percent increase for the company’s comps, with Old Navy up 3.4 percent, Gap up 0.1 percent and Banana Republic up 0.7 percent.

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