Gap’s UK losses have become worse amid falling sales and the closure of its local Banana Republic stores.
According to accounts filed at Companies House, pre-tax losses for the US-based fashion retailer increased from £19.4 million to £20.2 million for the year to January 28.
Meanwhile, total sales across the group slumped by almost 10 per cent from £306.7 million to £276.3 million, high street like-for-likes fell sharply by seven per cent.
Gap’s outlet stores were the brand’s glimmer of hope, with like-for-likes climbing eight per cent.
The retailer said one of the reasons why it has had another bad financial year is because of the closure of 15 loss-making stores, including all eight of its Banana Republic shops after it decided to withdraw the fascia from the UK market.