Gap Sales Tank, Stock Falls

Gap is down 4% to $US40.61 after hours.

This comes after the retailer reported that comp sales were down 7% in February missing expectations for a 1.1% rise.

Gap Global comp sales were down 10%, compared with a 2% rise last year. This missed expectations for a 1.4% rise.

Global Banana Republic comp sales were down 7%, compared with -5% last year.

Meanwhile, global Old Navy comp sales were down 6%, compared with a positive 6% a year ago.

The company said 450 stores “experienced closures” because of the extreme cold.

“While February was clearly a difficult month, we remain focused on executing our global priorities,” Glenn Murphy, chairman and CEO of Gap Inc said in a press release.

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