Gap sales continue to slide

11 Apr 2009

Gap sales have continued to fall 6 per cent for the five weeks to April 4 on last year with comparable sales down 8 per cent.

Comparable store sales in March, although down, were an improvement on the same period last year when like-for-like sales dived 18 per cent. International sales, including the UK, were down 5 per cent on a comparable basis.

Gap chief financial officer Sabrina Simmons said: "Although our sales results for March were mixed overall, we're pleased with the customer response to Old Navy's spring product and with our ability to deliver total company merchandise margins above last year."

Gap has set plans out to try in reinvigorate its Old Navy brand, which has suffered severe sales declines in recent months despite its value proposition.
Gap has also said that it will trial new store types across all of its fascias this year.

Source: Retail Week