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Gap (GPS) Stock Hammered, March Comps Miss Forecasts

NEW YORK (TheStreet) -- The Gap (GPS - Get Report) shares are down 8.67% to $25.28 in Friday's pre-market trading session after the apparel retailer reported weak comparable store sales for the month of March.

On Thursday, the San Francisco-based company said same-store sales dropped 6% year-over-year, below analysts' expectations of a 5% decline. A year ago, the company reported a 2% increase in same-store sales.

In particular, comparable sales for its Banana Republic label plummeted 14% in March and fell 6% at its Old Navy brand.

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