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VOL. 40 | NO. 23 | Friday, June 3, 2016

Gap says key sales measure slides 6 percent in May

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NEW YORK (AP) — Gap says sales at established stores fell 6 percent in May. That was better than the 7 percent decline forecast by Thomson Reuters.

Sales in stores open at least a year is a key metric of a retailer's health.

By division, same-store sales fell 3 percent at Gap stores, 11 percent at Banana Republic and 7 percent at Old Navy.

The San Francisco-based retailer said Thursday the entire month was challenging, but performance improved toward the Memorial Day weekend.

For the four weeks ended May 30, Gap said total sales fell 5 percent to $1.18 billion.

CEO Art Peck has been trying to overhaul the business, which has struggled to get shoppers to buy without big discounts.

In after-hours trading, Gap Inc. shares rose 5 percent to $19.25.

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0