-
Gap disappoints in Q1
San Francisco – Gap Inc. reported disappointing sales for April and the first quarter, hurt by fluctuations in foreign currency exchange and sliding sales at its namesake and Banana Republic divisions. Also, earlier timing of the Easter holiday, as compared to 2014, benefited the company’s March sales results and negatively impacted its April sales results.
Total same-store sales fell 12% in April, worse than predicted. Sales at Old Navy declined 6%, while sales at Banana Republic plunged 15%. Same-store sales for Gap fell 15%.
-
Old Navy sails ahead as other Gap brands sink
Surging sales at Old Navy helped Gap Inc. offset sales declines at its namesake division and its Banana Republic stores in the first quarter.
Gap Inc. reported that for the first quarter of fiscal 2015, Gap Inc.’s net sales decreased 3% to $3.66 billion compared with $3.77 billion for the first quarter last year.
