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Gap Is Still a Disaster Despite Wall Street's Love Affair With the Stock

Wall Street analysts seem to have detached from reality when it comes to beleaguered retailer Gap (GPS) .

Gap reported Monday evening that its same-store sales in October fell 1%, the tenth month of slower sales out of the last 11. Wall Street was banking on a 2% decline. The better-than-expected sales number for Gap -- driven mostly by a 3% same-store increase at the value-oriented Old Navy chain -- masked continued disturbing declines at the Gap and Banana Republic divisions.

Gap brand sales have declined for...