(MENAFN- ProactiveInvestors)Apparel retailer Gap (NYSE:GPS) saw like-for-like sales slide in October despite a positive performance from its Old Navy stores. The group's comparable global sales were down 3% from a year earlier in October with its Banana Republic chain largely responsible for the fall. Stores operating under the Gap fascia saw sales fall 4% from a year earlier but Banana Republic's sales were off 15%. Old Navy saved some face with sales up 2% year-on-year. Traders tore a strip off the fashion firm in screen-based trading after the close of official trading on Monday driving the shares down 6%. The group's sales in October declined to US$1.20bn from US$1.26bn in the corresponding period of 2014. Third quarter sales eased to US$3.86bn from US$3.97bn in the same quarter of last year. The retailer indicated that third quarter adjusted earnings per share are likely to be around 62 or 63 cents compared to market expectations of 67 cents.
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