No sign of any turnaround for the Gap

The turnaround at Gap Inc. is still struggling to get off the ground, if the retailers' latest round of financial results are any indication.

Gap reported that net sales for the four-week period ended Aug. 1 were $1.12 billion compared with net sales of $1.17 billion for the four-week period ended Aug. 2, 2014. For the second quarter of fiscal 2015, Gap Inc.’s net sales decreased 2% to $3.90 billion compared with $3.98 billion for the second quarter last year.

“We’re pleased that Old Navy delivered another consecutive quarter of growth, while we continued to make progress against previously announced strategic actions at Gap brand,” said Sabrina Simmons, chief financial officer, Gap Inc.

Gap Inc.'s same store sales included:

• 
  Gap Global: negative 6% versus negative 5% last year


• 
  Banana Republic Global: negative 4% versus flat last year


• 
  Old Navy Global: positive 3% versus positive 4% last year

The San Francisco-based retailer said it expects adjusted second-quarter earnings to be in the range of 63 cents to 64 cents. Analysts expected 66 cents per share.

The company has been struggling to overhaul merchandise at its namesake brand that hasn't appealed to shoppers. The retailer has also been focusing on digital strategies to engage the mobile-first consumer.

In June the company announced it was scaling back its Gap store footprint in North America. It plans to close 175 Gap stores in North America over the next few years, leaving about 800 open.