$GPS Same Store Sales Rise 5%

“SAN FRANCISCO (AP) — Gap Inc. said Thursday that its December revenue at stores open at least a year increased 5 percent, with a big sales jump at its North American Old Navy stores.

The increase beat Wall Street’s prediction for a 3.5 percent gain, and shares rose more than 4 percent in premarket trading.

The metric is a key measure of a retailer’s health, because it excludes revenue at stores that recently opened or closed.

Gap also on Thursday said that it was adding a luxury division to its brand line-up with the purchase of women’s clothing boutique Intermix. Gap bought the chain for $130 million on Monday. Intermix runs 32 stores in the U.S. and Canada and a website.

For the five week period ended Dec. 31, North American Gap revenue at stores open at least a year rose 2 percent. The metric rose 1 percent at North American Banana Republic and 13 percent at North American Old Navy stores. It fell 6 percent at international stores….”

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