Retail

Retail shares sink amid broader market rout

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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.

By CNBC