Gap sales drop in Q3, October

San Francisco –- Gap Inc. reported declining net and same-store sales for the third quarter and October 2014. For the third quarter Gap’s net sales were $3.97 billion, down 2.5% from $3.98 billion for the third quarter the prior year.



Net sales for October totaled $1.26 billion, a 23% decline from $1.29 billion. Same-store sales declined 2% in the third quarter. That figure included a 5% drop at Gap, flat sales at Banana Republic and a 1% gain at Old Navy. October same-store sales fell 7% at Gap and 2% at Banana Republic in October, but rose 2% at Old Navy.



For the third quarter of fiscal year 2014, the company expects diluted earnings per share to be in the range of $0.78 to $0.79 compared to diluted earnings per share of $0.72 for the third quarter of fiscal year 2013.



“While we were disappointed in our October sales results, particularly at Gap, we look forward to presenting our improved product collections for the holiday season across all our brands," said Glenn Murphy, chairman and CEO, Gap Inc.