Sabrina Simmons

San Francisco -- Gap has entered into a new $500 million revolving credit facility with a syndicate of banks led by BofA Merrill Lynch, J.P. Morgan and Citigroup Global Markets. The new financing matures in 2016 and replaces the company’s existing $500 million revolving credit facility. As part of the same financing agreement, the company also entered into a $400 million five-year term loan. We believe this is an opportune time to optimize our capital structure by taking advantage of the favorable market conditions,” said Sabrina Simmons, CFO at Gap. “Today’s announcement points to our financial strength and underscores

Lifted by higher traffic in its older stores, GAP (NYSE:GPS) reported Thursday a stronger-than-expected improvement in November same-store sales. The San Francisco-based retailer posted sales for the four-week period ended Nov. 27 of $1.51 billion, up 6.3% from $1.42 billion in the same period last year. Same-store sales were up 4% last month compared with flat sales in the year-earlier period, driven by improved results in its international, Gap North America and Banana Republic stores, partially offset by slower Old Navy sales. The results landed ahead of average analyst estimates

Gap (NYSE:GPS) gained more than 6% after posting stronger-than-expected third-quarter revenue, driven in part by October sales and international demand. The San Francisco-based retailer reported third-quarter revenue of $3.65 billion, up 2% from $3.59 billion a year ago, beating the Street’s view of $3.56 billion. Comparable store sales for the three-month period ended Oct. 31 were flat. Gap said international demand, up 3% in comparable store sales from a 6% decline last year, led the identical store sales, with Gap North America up 1% from a 7% drop last year