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GAP Sales Fall again
US fashion retailer Gap continued to feel the pinch in June, with group like-for-like sales plummeting 7 per cent.
Sales fell 2 per cent in the five-week period to July 5, totalling US$1.41 billion (£713.9 million). Sales at Gap’s Old Navy brand were worst hit, with like-for-likes falling 10 per cent for the period.
Gap’s international like-for-like sales, which include the UK, were down 7 per cent.
Gap chief finance office Sabrina Simmons said: “Our June sales events helped us successfully clear through summer merchandise at each brand. As a result, we achieved total company merchandise margins significantly above last year and our stores are well-positioned for early fall product.”
Topics: GAP |
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