Gap Comparable Sales Fall at Three Main Brands
June 02 2016 - 4:34PM
Dow Jones News
By Josh Beckerman
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.
Total sales for the four weeks ended May 28 fell 5% to $1.18
billion.
Gap shares rose 3.7% to $19 in after-hours trading.
Comparable sales fell 3% at Gap, 11% at Banana Republic and 7%
at Old Navy, leading to an overall company decline of 6%.
The company on May 9 said it was suffering from a "tepid macro
environment for apparel retail" and said the timing of Memorial Day
would hurt May sales results and help June figures.
Gap is being squeezed by fast-fashion retailers such as Hennes
& Mauritz AB and Zara owner Inditex SA, which push low-price
items and shift their selections quickly. To combat the sales
slump, Gap Chief Executive Art Peck has brought in new executives
and promised to source goods more quickly.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 02, 2016 17:19 ET (21:19 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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