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Garment retailer Gap reports flat sales growth in August
05
Sep '14
For the month of August 2014, apparel retailer Gap posted flat sales when compared with the same month of 2013. Net sales in August 2014 stood at $1.23 billion, same as in August 2013.

However, comparable sales for August 2014 were down 2 percent against a 2 percent rise in August 2013.

In brand wise comparable global sales, Gap brand posted a negative 6 percent growth in August 2014 versus 2 percent growth in August last year.

Banana Republic reported comparable global sales growth of a negative 2 percent vis-a-vis 2 percent growth in same month of last year.

Only the Old Navy brand beat the negative comparable sales trends and posted a 2 percent growth against 1 percent growth in August 2013.

Gap said Gap brand’s August 2014 sales performance is likely to put pressure on the brand’s gross margins in September 2014.

"We’re encouraged by the positive momentum at Old Navy, while we focus to drive improved performance across our portfolio of brands,” said CEO Glenn Murphy.

In the just completed second fiscal quarter ending August 3, 2014, Gap reported that net sales grew by 3 percent to $3.98 billion, compared with $3.87 billion in the prior year quarter. (AR)

Fibre2fashion News Desk - India

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