US: Gap same-store sales fall 5% in November
Same-store sales at Gap Inc fell 5% in November, the specialty clothing retailer said today (1 December), adding that it expects the holiday season to remain "fiercely competitive."
Net sales for the four weeks to 26 November fell 3% to $1.47bn, compared with $1.51bn in the same period last year.
In its north American operations, comparable sales - including online sales - fell 2% at Gap, were flat at Banana Republic, and tumbled 7% at Old Navy. International same-store sales fell 9%.
"This is just the start of the holiday selling season and we expect December to remain fiercely competitive and highly promotional," said chairman and CEO Glenn Murphy. "Our brands stand ready to compete at every opportunity to win customers over - in stores and online."
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