The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Gap says sales at established stores fell 6 percent in May. That was better than the 7 percent decline forecast by Thomson Reuters.
Sales in stores open at least a year is a key metric of a retailer's health.
By division, same-store sales fell 3 percent at Gap stores, 11 percent at Banana Republic and 7 percent at Old Navy.
The San Francisco-based retailer said Thursday that the entire month was challenging, but its performance improved toward the Memorial Day weekend.
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For the four weeks ended May 30, total sales fell more than 5 percent to $1.18 billion from $1.25 billion.
Gap has long been struggling, unable to get shoppers to buy its clothes without offering big discounts. chief executive officer Art Peck, who came to the helm in February 2015, has been trying to overhaul the business.
In after-hours trading, Gap Inc. shares rose nearly 5 percent to $19.18. For the year to date, shares are down about 26 percent.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.