US market witnesses changing positions of brands GAP, Old Navy and Banana Republic this year.
For the leading global retailer of clothing and fashion, GAP Inc., the 3rd quarter proved ill as it bid a drop of 3% in its net sales.
The figures show slump down to $3.86 billion against $3.97 billion in the third quarter of fiscal year 2014, according to a press release issued by the company. The company’s comparable sales for the quarter decreased by 2 per cent, with Gap Global recording a fall of 4 per cent, Banana Republic Global recording a fall of 12 per cent and Old Navy Global recording a rise of 4 per cent. Technical research jotted down the cause for it as the weak Japanese yen and Canadian dollar which affected the reported sales figures by $98 million when translated into US dollars. The increased sales of Old Navy compared to its sibling brand GAP is outset of customer’s shifting opinions which edge towards becoming more price conscious. “With fall behind us, the teams across our portfolio are focused on strong execution for the holiday season,” said Sabrina Simmons, CFO at Gap Inc.