International News

Gap Sees Rise in Same-Store Sales

June 9, 2017

Gap Inc saw an increase in in quarterly same-store sales which indicates that the apparel retailer is gaining from its turnaround plan. As per the company the sales of the group is attributed to good performance of Old Navy, with the pocket friendly brand’s comparable sales rising 8%. The company’s results are seen as a sigh of relief in a slow apparel retail industry, which has been affected by the growing popularity of online shopping. Gap has been reining in costs, shuttering underperforming stores in North America and overseas and building up its e-commerce capacity. However, Banana Republic continued to be a drag, with quarterly sales decreasing 6% and comparable sales falling 4%.