Gap Reports Increased Monthly Sales in December (GPS)
Apparel company, The Gap Inc.(GPS) reported increased monthly store sales for the five weeks ended December 29, 2012.
The San Francisco, CA based company reported a a 5% increase in store sales, beating the 3.6% expected increase.
For the five weeks ended December 29, sales were reported at $2.08 billion, up from last years sales of $1.98 billion.
Gap North America reported a sales increase of 2% for December, up from a negative -4% last year.Banana Republic North America saw sales increase by 1%, compared to negative -2% last year. Old Navy North America reported an upside of 13% this year, from a -4% decline last year. Internationally, the company saw a -6% decline, remaining flat from last years decline of -6%.
The Gap shares were up $1.53, or 4.88% during premarket trading Thursday. The stock has increased 69% in the past year.
The Bottom Line
Shares of The Gap (GPS) have a 1.59% dividend yield, based on last night’s closing stock price of $31.37. The stock has technical support in the $29-$30 price area. If the shares can firm up, we see overhead resistance around the $35 price level.
The Gap Inc.(GPS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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