Brand reinvigoration paying off, says Gap
US retailer group Gap has reported a 2% rise in first quarter revenues to $3.5 billion.
Old Navy’s first quarter sales of $2 billion were up 3% compared to last year. Gap’s sales of $724 million were up 5% compared to last year. Banana Republic’s $428 million was down 3% while Athleta’s sales of $308 million were down 6% compared with last year.
Group CEO Richard Dickson said: “Gap delivered strong first quarter results, exceeding financial expectations and gaining market share for the 9th consecutive quarter. We had positive comp sales for the 5th consecutive quarter, with our two largest brands, Gap and Old Navy, winning in the marketplace, demonstrating the power of our brand reinvigoration playbook.
“These results are yet another proof point that our strategy is working. In this highly dynamic environment, we are optimistic yet realistic and remain focused on controlling the controllables as we build our company for long term growth.”
