Gap Sales Drop

Gap Inc. (San Francisco) announced its latest monthly comparable sales, which showed that all three of the company's banners (Gap, Banana Republic and Old Navy) experienced comparable sales declines in April. This marks the 24th straight month that Gap has posted stagnant or dropping comparable sales.

Consequently, the company stated that it is going to reexamine its international fleet of stores, and according to Fortune, the possibility of closing some stores. The company will provide more details when it reports its first quarter results on May 19.

Gap’s comparable sales in April dropped 4 percent; Old Navy’s fell 10 percent; and Banana Republic’s dropped 7 percent.