Retail shares sink amid broader market rout

Retail shares sank at the open Friday, with the Retail SPDR down 1.6% and most major components under heavy pressure.

Gap led the declines on a weak same-store sales report that led at least one analyst to downgrade the stock.

Ticker %Chg
GPS -4.58%
ARO -3.88%
OUTR -3.37%
ZUMZ -3.33%
JCP -3.17%
BWS -3.15%
ULTA -3.03%
EXPR -3.02%
SSI -2.93%
TRIP -2.92%
AEO -2.90%
SHLD -2.67%
RCII -2.54%
TCS -2.51%
BKS -2.42%
PBY -2.40%
CONN -2.33%
TFM -2.29%
FRAN -2.25%
LB -2.24%
VSI -2.16%
AWAY -2.05%
BBY -2.02%

Gap said Thursday that same-store sales in the most recent period fell 6 percent, with the biggest declines at its namesake chain and at Old Navy.

Gap stores saw sales fall 7 percent in the five weeks ended April 5, as did Old Navy. Banana Republic did slightly better, with sales down 4 percent.

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"While March performance has been challenging, we remain confident in the opportunities ahead," Gap CEO Glenn Murphy said in a statement.

Gap also warned that gross margins for the fiscal first quarter would decline, with a bigger rate of decline than they posted in the fourth quarter of the last fiscal year.

But the company affirmed its earnings-per-share targets for the year.