Gap's free fall continues

The Gap continues its financial slide with another month of sales declines, the continuation of a 24-month losing streak.

This, after CEO Art Peck had set April as the time when all three banners would be back in the black.

Same-store sales fell 4 percent in April at Gap stores, 10 percent at Old Navy and 7 percent at Banana Republic. Shares dropped 10 percent on the news.

Still, Peck claimed the company was making good progress. Same-store sales declines were less pronounced during the same period last year for two banners, when Gap and Banana Republic both fell 15 percent and Old Navy dropped 6 percent.

Peck said Spring 2016 would be a watershed time for Gap, when it would realize gains from new merchandising and sourcing initiatives. But those gains have proven elusive.

Gap is re-evaluating its store base, particularly international locations.

For more:
- see this Gap financial release
- see this Fortune story

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