GAP SALES PLUNGE AGAIN
Same store sales for Gap fell 4% in July. There was no change in Old Navy stores, but Banana Republic and other Gap stores fell 9% and 3%, respectively. They also reported drops in second quarter sales, despite a 5% jump at Old Navy stores. Tuesday morning trading showed Gap shares crashing 6%. Stores like Forever 21, H&M, and Zara are affecting Gap’s ability to keep up with the new crowd of bargain hunting shoppers. Economic experts predicted the fall of Banana Republic and Gap, but Old Navy’s strong successes have been able to keep the company afloat. That is no longer the case.