Gap, Inc. (GPS) June Comps Fell 2%

Gap, Inc. (NYSE: GPS) reported that June net sales increased 1 percent compared with last year. Net sales for the five-week period ended July 5, 2014 were $1.54 billion compared with net sales of $1.53 billion for the five-week period ended July 6, 2013.

“Old Navy’s performance was stellar this month, and we’re pleased to see the brand continue its strong quarter-to-date momentum,” said Glenn Murphy, chairman and chief executive officer, Gap Inc. “Despite softer June results at Gap and Banana Republic, we remain focused on delivering in the upcoming Fall season.”

June Comparable Sales Results

Gap Inc.’s comparable sales for June 2014 were down 2 percent versus a 7 percent increase last year. Comparable sales by global brand for June 2014 were as follows:

• Gap Global: negative 7 percent versus positive 5 percent last year
• Banana Republic Global: negative 7 percent versus negative 1 percent last year
• Old Navy Global: positive 7 percent versus positive 13 percent last year

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