Gap Inc.: sales fall by 2% in August
The Gap Inc. group has recorded sales decreases in both the first and second quarter of the fiscal year, respectively -5% and -2%, and in August it again succeeded in limiting the decline at -2%, compared to a 3% shortfall a year earlier.
While Old Navy managed to hold its own by recording a 1% rise, compared to a 6% increase in August 2015, Banana Republic fared less well, posting a -11% downturn, on top of the -10% recorded a year earlier. As for Gap, the brand slumped by 5%, after a -8% in the same period a year earlier.
"While we are happy about Old Navy's sustained growth, we remain focused on improving the results of our international brands," was all that CFO Sabrina Simmons had to say.
In the fiscal year closed at the end of January, Gap Inc. generated $15.81 billion (€14.12 billion) in sales, though even Old Navy did not manage to save the day. The result led in fact to a 6.25 % downturn in sales, for an organisation which now operates 3,794 stores.
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