From San Francisco Business Times
Gap sales fall 12%, Old Navy sales plunge 27%
By Staff
Clothing seller Gap Inc.'s sales fell 12 percent in March, and its same-store sales fell 18 percent.
The San Francisco company (NYSE: GPS) said same-store sales at its Old Navy division fell by 27 percent in the five weeks ended April 5. A year ago same-store sales grew 10 percent in that unit.
Gap brought in sales of $1.37 billion in the five-week period, down from sales of $1.55 billion a year ago in the same period.
Same-store sales, an important retail measurement that compares sales only at stores open at least a year, fell in every Gap division, even Banana Republic, which has lately done the best of the company's units.
Banana Republic's same-store sales fell 8 percent and international same-store sales fell 3 percent. Same-store sales in Gap's North America business fell 14 percent. |
