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Gap's UK losses spiral as sales dip

UK losses at struggling retailer Gap spiralled from £12.3m to £19.4m in the year to January 30 2016, as sales at both the eponymous chain and its sister business Banana Republic took a tumble.

Like for like sales at Gap were down 5% across the year while Banana Republic’s fell by 20%.

Group turnover fell 5.5% to £306.7m and Gap also closed 20 underperforming stores.

Last month, it was announced that Banana Republic is to close all eight of its UK’s stores before the end of its 2016 financial year.

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