Shares in retail giant Gap have been on an upturn, despite a dip in October same-store sales. As noted by Forbes, investors feel “a small sales drop is better than a big one.”
The shares are up 7 percent, roughly, since reporting the October results. The headline number showed a 1 percent drop in same-store sales.
Same-store sales were actually up 2 percent over the prior year. Within segments, Banana Republic showed flat comps year over year in the quarter, with a resurgence after promotional activity early in the year.
The overall third quarter, said the firm, saw sales down to $3.8 billion from $3.86 billion in the year-ago period. Analysts and The Street were cheered by earnings per share guidance of $0.59–$0.60 a share, with The Street at $0.53.
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