Business

Gap posts surprising September sales drop

Gap Inc. will report on October sales Nov. 7.
Gap Inc. will report on October sales Nov. 7.Reuters

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Gap Inc. reported a surprise drop is sales last month, stalling momentum it had enjoyed since early last year. The clothing retailer said same-store sales fell 3 percent, trailing the average estimate for a 1.8 percent gain from analyst forecasts compiled by Retail Metrics. By brand, Gap Global’s sales were down 3 percent vs. a 3 percent gain a year ago; Banana Republic’s sales were down 5 percent vs. a 4 percent gain; and Old Navy’s sales were down 2 percent vs. a 10 percent gain.

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