UPDATE: Gap Reports Higher-Than-Expected Drop In May Same-Store Sales, Shares Down In Pre-Market Trading

The Gap Inc GPS reported a 4% drop in its May same-store sales. Gap's net sales came in at $1.06 billion, versus $1.05 billion, in the year-ago quarter. Analysts were expecting a 1% fall in comparable sales. Gap North America's comparable sales dropped 4%, while its international same-store sales dipped 9%. Gap's shares fell 1.75% to $18.57 in pre-market trading. Read more from Benzinga's Company news.