Analysts on average had been expecting the San Francisco-based clothing retailer to post a same-store sales decrease of 2.9 percent, according to Reuters Estimates.
NEW YORK (Reuters) - Gap Inc <GPS.N> said on Thursday sales fell 6 percent at stores open at least a year as it continues to tightly manage inventory while making room for summer clothing.
Analysts on average had been expecting the San Francisco-based clothing retailer to post a same-store sales decrease of 2.9 percent, according to Reuters Estimates.
Gap said overall net sales were flat at $907 million for the four-week period ending March 1 compared with last year.
"While overall results were mixed across our brands, total company merchandise margins were above last year," Gap Chief Financial Officer Sabrina Simmons said in a statement.
!ADVERTISEMENT!Same-store sales at Gap locations in North America decreased 3 percent from last year while traffic declined 10 percent in the month.
Banana Republic stores in North America saw a decrease in same-store sales of 5 percent in February while traffic declined 5 percent.
Old Navy North America stores' same-store sales decreased 8 percent and traffic declined 5 percent in the month.
The company said women's clothing performed better than men's at Gap and Banana Republic stores while men's performed better at Old Navy stores.
The summer flow of merchandise is scheduled to hit Gap and Banana Republic stores earlier than in past years, Gap said.
(Additional reporting by Karey Wutkowski in Washington)
(Reporting by Justin Grant, editing by Mark Porter and Gerald E. McCormick)
