US: Gap same-store sales tumble 10% in June
Same-store sales at Gap Inc fell 10% in June, the US' largest specialty clothing retailer said today (9 July), dragged down by declines across its four divisions.
Even so, the company said merchandise margins were above last year.
Net sales for the five weeks to 4 July fell 9% to $1.29bn, down from $1.41bn in the same period last year.
Comparable store sales fell 10% at Gap North America, tumbled 20% at Banana Republic North America, were down 7% at Old Navy North America, and dropped 5% at its International unit.
"June was a transitional month as all of our brands made progress clearing through summer merchandise," said Sabrina Simmons, chief financial officer.
"We're pleased that our total company merchandise margins were above last year."
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