FBR Capital Market analyst, Susan Anderson, cut same store sales estimates for Gap, Inc. (NYSE: GPS). However, the revised numbers remained above consensus.

June SSS to –3.3% (–2.2% previously), versus consensus estimates of –3.9% and –1% LY. June themes, include: (1) flattish promos on average throughout the month (higher at ON, BR, offset by Gap), (2) higher clearance at BR, ON, and Gap Kids, (3) Sunday and Monday of Memorial Day weekend shifting into June, (4) traffic concerns across all formats, and (5) sequentially flat compares.

No change to Perform rating or price target of $22.

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Shares of Gap, Inc. closed at $21.27 yesterday.