It's Old Navy for the win

Gap (NYSE:GPS) reported a sales gain for June thanks to its Old Navy division, which made up for drops at Banana Republic and Gap stores.

Same-store sales climbed 5 percent at Old Navy in June, offsetting a 4 percent comparable sales decline at Banana Republic and 1 percent same-store sales decline at Gap.

Overall, same store sales increased 2 percent globally across all brands.

"We are pleased to see better performance across the portfolio this month, partly driven by an improvement in June traffic trends, particularly at Old Navy," CFO Sabrina Simmons said.  

While the June financial report could indicate that Gap's turnaround efforts are finally bearing fruit, the retailer still has a long road ahead as it works to lower opening price points, create a more robust supply chain and better compete with fast-fashion houses.

For more:
- see this CNBC story
- see this Gap financial report

Related Articles:
Gap's free fall continues
Gap names Syngal to lead Old Navy
Banana Republic turns the runway into real shopping

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