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After-hours buzz: Gap, Avon, Zumiez & more

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Check out the companies making headlines after the bell Thursday:

Shares of Gap tumbled after the company reported same-store sales fell 8 percent in the third quarter. The clothing company also reported that net sales in November decreased 9 percent compared to a 6 percent increase in the same period last year.

Avon popped on a report that it is in advanced talks to sell its North American business to private-equity firm Cerberus Capital Management. The Wall Street Journal reported that as part of the deal, Cerberus would also make a minority investment in Avon to strengthen the company's balance sheet, citing people familiar with the matter.

Shares of specialty clothing store Zumiez plunged, and were later halted, after the company posted very weak fourth-quarter guidance. The company expects earnings per share of 40 to 46 cents, as compared to expectations for 63 cents. However, Zumiez did beat on earnings and met expectations for third-quarter revenue.

Five Below surged on an earnings beat and comp sales that exceeded expectations. The discount store chain also posted fourth-quarter revenue guidance that was mostly in line with analysts' forecasts.

Viacom was lower after an official for the second-largest U.S. public pension system on Thursday called on the company to do away with its dual-class share structure. It's the latest call from an investor for change at the media empire controlled by the aging mogul Sumner Redstone as doubts grow over his ability to lead.

Shares of Ambarella fell despite beating on earnings. But the video products company gave fourth-quarter guidance revenue that was much lower than expected.

Beauty store chain Ulta rose on a strong quarterly report that beat expectations. The company also provided third-quarter comp sales that were above estimates and fourth-quarter revenue guidance that was mostly in line with forecasts.

Barnes & Noble tanked after reporting reported a surprise fall in quarterly comparable store sales, hurt by store closures, lower online sales and weak demand for its Nook tablets. The largest U.S. bookstore chain reported sales that fell 3.1 percent to $860.7 million in the quarter ended Oct. 31.

— Reuters contributed to this report.