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.