Gap sales fall 9% in November on poor showing by Banana Republic

The holiday season is off to a rough start for Gap.

Sales fell 9% in November, Gap said Thursday. Gap's Banana Republic brand took an especially deep dive, with same-store sales declining 19% globally, compared to a 2% increase in November 2014. Gap's same-store sales fell 4% while Old Navy's — typically the company's strongest brand — fell 9%.

The retailer's stock fell in pre-market action, then recovered in regular trading.

Gap has been working to improve product assortment and fit as it attempts to win back the allure it achieved during its heyday in the 1990s and early 2000s. Its November sales are one of the first indicators from a high-profile retailer of how the holiday season is faring so far. Despite the news, some analysts remain confident in the company's ability to turn business around.

"Gap remains in early innings of a turnaround, as management has identified the need to improve fit and portfolio of knits, dresses and denim," Cowen retail analysts wrote in a note Thursday, adding that Gap does well with inventory management and cost control.

Gap stock was down 22 cents to $25.89 in late-morning trading after trading nearly 4% lower before markets opened.