New York CNN —Gap reported declining sales across all four of its brands – Gap, Old Navy, Banana Republic and Athleta – in the second quarter, noting continued uncertainty among consumers.
At its flagship Gap stores, sales were driven by “continued strength in the women’s category,” the company noted in its earnings statement, but that was “offset by strategic store closures in North America.”Across its brands, the company reported an 11% decline in online sales versus store sales, which were down 7%.
Excluding the negative impact from selling Gap China to Baozun in January, shutting down Yeezy Gap, and headwinds from a stronger dollar, sales declined 4% at Gap.
Old Navy sales declined 6% compared to last year, Banana Republic sales were down 11% and Athleta decreased 1%.
The decline is prompting the retailer to close 30% of its Gap and Banana Republic stores in North America by next year.
Persons:
Athleta, “, Richard Dickson, Dickinson
Organizations:
New, New York CNN, Navy, Banana, . Old, Mattel, Republic
Locations:
New York, Banana Republic, North America, Macy’s, China, Baozun