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Gap sales tumble in July

Gap sales fell to £550m ($924m) in July, a 7% drop on the same month a year ago.

Like-for-like sales were down 8% across the fashion group compared to an 11% drop in July last year.

International sales at Gap, which includes its UK operations, fell 4% on a comparable basis, an improvement on the 9% drop for the same period last year.

Gap chief financial officer Sabrina Simmons said: “We delivered July merchandise margins significantly above last year.”

She added: “We’re please with this range of earnings and our consistently healthy merchandise margins.”

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