Paul Sakuma/AP
- Gap reported a bigger-than-expected drop in quarterly same-store sales.
- The retailer beat on both the top and bottom lines.
- Shares fell nearly 7% on the news.
- Watch Gap trade in real time here.
(Reuters) - Gap Inc's namesake brand reported a bigger-than-expected drop in quarterly same-store sales on Thursday, sending shares down nearly 7 percent in after-hours trade even as the apparel retailer beat Wall Street profit expectations and posted strong revenue.
The results signaled the San Francisco company still must work to revive its Gap brand, which has struggled to keep pace with fast-fashion rivals such as H&M and Forever 21 and tackle the dominance of Amazon.com Inc.
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