The month of June brought a welcome bit of news for beleaguered Gap Inc.
The company reported that net sales for the five-week period ended July 2, 2016 increased 2% to $1.57 billion.
“We are pleased to see better performance across the portfolio this month, partly driven by an improvement in June traffic trends, particularly at Old Navy,” said Sabrina Simmons, CFO, Gap Inc.
Gap’s total same-store sales for June 2016 rose 2% versus a 1% decrease in the year-ago period. At Gap Global, same-store sales fell 1% versus a 5% decline last year. At Old Navy Global, same-stores rose 5%, on top of a 1% gain last year.