Gap and Banana Republic may have had soft sales in June, but performance at the company’s Old Navy brand saved the day.
The company reported an increase of 1% in June sales compared with last year. Net sales for the five-week period ended July 5 were $1.54 billion compared with net sales of $1.53 billion for the five-week period ended July 6 last year.
“Old Navy’s performance was stellar this month, and we’re pleased to see the brand continue its strong quarter-to-date momentum,” said chairman and CEO Glenn Murphy. “Despite softer June results at Gap and Banana Republic, we remain focused on delivering in the upcoming fall season.”
Gap’s comparable sales for June were down 2% versus a 7% increase last year. Comparable sales for the Gap brand decreased 7% versus a 5% increase last year. At Banana Republic global, comparable sales decreased 7% versus a 1% decrease last year. Meanwhile Old Navy had an increase of 7% in comparable store sales compared to a 13% increase last year.
Gap operates 3,100 stores, more than 350 franchise stores, and e-commerce sites. F