Gap: sales drop 12% in April

By

Bruno Joly

Published
May 12, 2015

Gap has recorded a slow start to the year. The American retail group has published its April and first quarter sales results.

Thus, in April it saw its comparable sales drop 12%. Comparable sales by global brand for the month were -15% versus +3% last year for Gap Global; -15% versus +7% last year for Banana Republic Global; and -6% versus +18% last year for Old Navy Global. 

For the quarter spanning February to April, net sales dropped 3% to 3.66 billion dollars, and this taking into account new store openings. At a constant exchange rate, the drop stood at 1%, with Gap mainly suffering from the weak Japanese yen and Canadian dollar. Detailed results for the quarter will be published on 21 May. 

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The company noted that it expects inventory dollars per store for the first quarter of fiscal year 2015 to be up about 4% versus last year.