US-based clothing supergiant Gap Inc says that sales in April at established stores fell 7 per cent, with total sales declining as well.
The San Francisco-based retailer said on Monday that it is looking for ways to be more efficient and improve operations. It is also weighing options for its international Banana Republic and Old Navy stores.
According to a report in AP: The results underscore the continued challenges that CEO Art Peck confronts in turning around the business. The company has long been struggling to turn around its Gap namesake business and improve sales at Banana Republic.
For the first quarter, Gap expects to earn 31 cents to 32 cents per share. According to FactSet, the average analyst estimate is for 44 cents per share.
Shares of Gap Inc. tumbled more than 10 per cent in after-hours trading.