Old Navy Drags Down Gap

San Francisco Gap Inc. said Thursday that same-stores sales fell 11% in September, a wider gap than analysts expected, hurt by a 24% drop at the company's Old Navy chain.

Same-store sales fell 3% at Gap stores and 4% at Banana Republic. International same-store sales rose 3%.

"While our September merchandise margins were significantly above last year, we have more work to do at Old Navy," said Sabrina Simmons, CFO, in a statement.

Total sales for the five-week period ended Oct. 4 fell 6% to $1.34 billion. Year to date, same-store sales fell 10%, while total sales fell 5% to $9.36 billion.

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