Gap disappoints, again

Gap Inc. (NYSE:GPS) sales once again disappointed, with Banana Republic comparable store sales taking a double-digit dip in July.

Net sales for the four-week period ended July 30 were $1.10 billion compared with net sales of $1.12 billion for the four-week period ended August 1, 2015. For the second quarter of fiscal year 2016, Gap Inc.'s net sales were $3.85 billion compared with $3.90 billion for the second quarter last year.

Comp-store sales fell 4 percent in July at Gap stores, on top of a 7 percent decline for the same period last year. Comp store sales for the second quarter dropped 3 percent compared to a 6 percent decline last year.

Banana Republic comp store sales plummeted 14 percent in July, compared to a 10 percent decline in July 2015. Comp store sales dropped 9 percent versus a negative 4 percent for the second quarter last year.

Even Old Navy, which has been the lone bright spot for Gap, failed to post comp-store gains, which were flat for both July and the second quarter compared to up 3 percent for the period last year.

CFO Sabrina Simmons said in a statement, "While performance varied during the quarter, we made progress on our streamlining initiatives and continued to see signs of improvement in our larger brands."

For more:
- see this Gap Inc. sales release

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