Gap not looking great

Gap Inc. unveiled preliminary results for the second quarter that were not very promising as Banana Republic continues to bleed.



The retailer said revenue and same-store sales slipped for the month of July, and for the second quarter, which ended July 30.



Gap’s net sales for the quarter were $3.85 billion, compared with $3.90 billion for the second quarter last year.



Net sales for the four-week period ended July 30, were $1.10 billion compared with net sales of $1.12 billion for the four-week period ended August 1, 2015.



Gap’s total same-store sales for July fell 4% versus a 3% decrease last year, as were sales at its namesake unit (versus a negative 7% last year.) July same-store sales dropped 14% at Banana Republic and were flat at Old Navy.



For the quarter, Gap’s same-store sales were down 2% versus a 2% drop last year. By brand, Gap Global registered a 3% decline versus a 6% drop last year, and Banana Republic had a 9% drop versus a 4% drop last year. At Old Navy Global, sales were flat.



Gap will release its second quarter earnings on Aug. 18.