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Gap sales drop in March

Gap’s international sales, which includes its UK stores, fell 5% on a like-for-like basis in March.

Like-for-like sales across the Gap group were down 8%, with total sales dropping 6% to $1.37 billion (£932 million) for the five-weeks to April 5.

In North America, like-for-like sales at the Gap chain were down 14% on March last year. Like-for-like sales at the Banana Republic chain were down 16%. However at the group’s Old Navy business, like-for-likes were flat, compared to a 27% drop for March last year.

Like-for-like sales at the Gap group for the longer nine week period to April 4 were down 10% with total net sales at $2.08 bn (£1.4bn), down 9% for the same period last year.

Gap’s chief financial office Sabrina Simmons said: “Although our sales results for March were mixed overall, we’re pleased with the customer response to Old Navy’s spring product and with our ability to deliver total company merchandise margins above last year.”

 

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