Gap sales decline 5% in May
Gap Inc. said same-store sales at its three main brands declined in May, calling the month "challenging" but noting that performance improved leading into Memorial Day weekend. Gap Inc. delivered net sales of $1.18 billion in May, down 5% year-on-year from net sales of $1.25 billion for the four-week period ended May 30, 2015.
Comparable sales for May were down 6%, with all main brands showing a decline in the period.
“As we move into the second quarter, we are continuing to make progress against our recently announced measures while maintaining the financial discipline we are known for,” said Sabrina Simmons, chief financial officer, Gap Inc.
Comparable sales for Gap Global fell 3% versus negative 6% last year. Banana Republic declined 11% versus negative 5% last year, while Old Navy Global saw a 7% decline in comparable sales, against a 6% rise last May.
Gap said that while the overall month was challenging, performance improved toward the Memorial Day holiday weekend.
This year, the Sunday and Monday of the Memorial Day holiday fell in the fiscal month of June versus May last year, which negatively impacted the performance for May.
However, this will benefit June sales, said the company.
Gap offers clothing, accessories and personal care products under the Gap, Banana Republic, Old Navy, Athleta and Intermix brands. Net sales for fiscal 2015 were $15.8 billion.
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