Wednesday, November 22, 2017

Gap reports worst performance since 2011

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Gap Inc, which owns American brands including Banana Republic and Gap, reported another quarter of weak sales for its namesake brand – Gap‘s fifth consecutive quarterly decline.

For many Americans, Gap stores were once the place to go for t-shirts and denim, but the fashion chain is currently in a period of struggle, and a turnaround could take longer than initially hoped.

Comparable sales fell 10% last quarter and in April, same store sales fell 15%.

Earlier this year Gap Inc‘s CEO Art Peck, a company veteran who took over as boss in February, made some changes to the brand‘s top management. He hired a new president and let go of renowned creative director Rebekka Bay, a former H&M executive.

Peck‘s priority is to fix Gap, he said in February, placing particular emphasis on improving its womenswear category.

 

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