Market Updates
Old Navy Challenges at Gap Overshadowed Banana Republic Strength
Scott Peters
27 May, 2022
New York City
Gap Inc, the specialty apparel retailer sales suffered after consumers retrenched and supply chain challenges added to higher costs.
Merchandise problems at Old Navy also impacted results negatively.
The retailer said net sales in the quarter ended April 30 declined 13% to $3.5 billion and comparable sales declined 14%.
Online sales fell 17% from a year ago and were 39% of total net sales.
The company said 5 percentage points in sales decline were driven by the lapping of the benefit of stimulus last year and approximately 3 percentage points from divestitures, store closures, and the transition of the company
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