Banana Republic weighed on Gap Inc.’s sales last month.
The corporate parent to Gap, Banana Republic and Old Navy said its net sales fell 3.3 percent to $888 million from $918 million for the four weeks ended Feb. 28. February comparable sales fell 2 percent, a decline that came on top of the 4 percent drop a year earlier.
Banana Republic’s comp sales dropped 11 percent, on top of a 5 percent decline a year earlier, and Gap was flat after a 7 percent retreat. Old Navy’s sales were flat for the second-straight February.
“We are encouraged by the initial customer response to Gap brand’s spring collection and we remain focused on improving results across our portfolio,” said Sabrina Simmons, chief financial officer.
Investors took the report in stride and Gap’s stock was flat in after-hours trading, sticking to its closing price of $28.54.
Gap is one of the few retailers that still engage in monthly ritual of reporting sales. For the other retailers weighing in, February was generally a positive sales month.
Before Gap’s results were released, Thomson Reuters said mean same-store sales for other companies reporting results came in with a 1.2 percent gain for the month. A separate report from Retail Next, the month’s in-store traffic showed a steep decline, but conversions were up after a flat reading in January.