Gap investors may need to wait a bit longer for the company’s turnaround.
After reporting its first comparable-sales increase in more than a year in June, that key metric once again turned negative in July.
Gap shares slid 4 percent in after-hours trading Monday, after the apparel retailer said its same-store sales fell 4 percent in July and 2 percent during the second quarter. That’s even as the company reported second-quarter revenue and earnings guidance that topped Wall Street’s consensus forecasts.
