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Gap like-for-like sales drop 7% in May

Gap’s international like -for-like sales, which include the UK, dropped 7% for the four weeks to May 30.

Gap’s overall like-for-like sales fell 6% over the period. The drop compared with a 15% fall in the same month last year. Total sales at the Gap group fell 5% in May to $1.03 billion (£640 million), from $1.09 (£670m) the previous year.

Like-for-like sales in Gap North America fell 11% and Banana Republic North America dropped 14%. However, Old Navy North America was up 3%, compared to a fall of 25% the previous year.

Gap chief financial officer Sabrina Simmons said: “While sales results were mixed across divisions, we’re pleased that merchandise margins were in-line with last year. Moving forward, we continue to focus our efforts on improving product assortments and making targeted investments to drive traffic to our stores.”

Net sales for the 17 weeks to May 30 were $4.16 billion (£2.56bn), a decrease of 7% compared with net sales of $4.47 billion (£2.75bn) for the same period last year. Gap’s like-for-like sales over the period decreased 7%, compared with a 12% decrease last year.

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