Shares of Gap Inc. (NYSE:GPS) continue to slide downward in December after posting disappointing same-store sales figures in November. The stock dropped as much as 4.5 percent in early-afternoon trading on Monday, adding to losses over 11 percent drop seen between November 29 and December 7.
Shares of Gap were up 93 percent this year through November 29, when the company reported just 3 percent growth in comparable-store sales for the month. This is better than the 5 percent drop seen last November, but still below analyst expectations. Consensus estimates called for a 3.8 percent gain in order to justify the stock’s growth. Shares are now trading down roughly $4 below their close on November 29.
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Year-to-date sales are still up about 4 percent compared to 2011, but this sort of sales growth isn’t in line with the the stock’s price growth. Between August and November, after a huge early-August jump because of strong second-quarter EPS guidance, shares remained stable between $34 and $36.
But weak post-Sandy sales heading through the holiday season looks like it will force Gap to end the year below that price level…