Tougher times at Gap
Same store sales down at clothing retailer
Gap continues to find the market tough going, with ongoing problems at international stores compounded by weaker US sales
In the four-week period to November 27, group sales of $1.4bn were level with last year. Total comparable sales fell by 4 per cent for the month across Gap’s four divisions.
In the core Gap US chain, same store sales growth was up by 1 per cent, while Gap International sales fell by 9 per cent. The Banana Republic chain saw a 3 per cent decline, with a 5 per cent decline in the Old Navy division.
Sabrina Simmons, senior vice president, treasury and investor relations, said: “Although customer response to holiday merchandise in October was initially promising, demand slowed in November.
“As customers head into the peak holiday shopping period, we are closely managing our holiday promotions to offer compelling value.”
For the year to date, sales of $12.8bn are up 3 per cent year-on-year, while group comparable store sales are up 1 per cent.
