The Gap Inc. (NYSE:GPS)’s monthly sales information was released prematurely today, and trading on the company’s stock was halted as a result. Shares rose 3.5 percent after the accidental release of the data.
The news comes just a week after the company’s fourth quarter profits were released, showing that the company was beating expectations.
The Gap Inc. (NYSE:GPS) itself requested that trading be halted, and The Financial Times reported that many investors speculated that a deal was about to be announced. However, a spokesperson told the publication that one of the company’s data vendors had accidentally released some February sales information earlier than it was supposed to.
The company was expected to report its numbers after the markets close this evening. That’s a change from the company’s previous policy of releasing sales numbers before the market’s open on the first Thursday of each month. The Gap Inc. (NYSE:GPS) released its full numbers shortly after, indicating that its same-store sales for February were up 3 percent.
The company reported an 11 percent increase in total net sales, which amounted to $966 million in February. Gap Global’s comparable sales rose 2 percent, in comparison with a 2 percent decline during the same month last year.
Forbes points out that Gap’s solid February numbers are a good sign for the retail industry, which has been struggling lately. Also the company isn’t the only one to accidentally release its numbers early. Google Inc (NASDAQ:GOOG)’s third quarter earnings report was released early, while other companies like The Walt Disney Company (NYSE:DIS) and Microsoft Corporation (NASDAQ:MSFT) have also had the same problem.
