Gap shares fell after the retailer reported that its same-store sales were down 6 percent in March versus a 2 percent increase last year. While comparable sales improved year-over-year for the Gap and Old Navy brands, Banana Republic reported a 14 percent drop in same-store sales, versus a 3 percent decrease last year.
The company also said that it is entering April with "more inventory than planned" which it expects will pressure its gross margins for the first quarter.
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