The women were walking to a transit station on Saturday evening when they were approached by five men in the South of Market neighborhood.
Officer Albie Esparza said Tuesday at least one of the men shouted slurs related to sexual orientation before they began kicking and punching the women.
One of the victims, 25, suffered head abrasions. The other, a 27-year-old, injured her wrist.
The women had attended Gay Pride events. Police have not identified the suspects or made any arrests.
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