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Is Banana Republic Slipping on Its Appeal? Gap CEO Weighs In

10/09/15 11:59 AM EDT
Could ill-fitting clothes be the reason for weak sales at Banana Republic? Gap (GPS) CEO Art Peck seems to think so. He said that he was 'disappointed' in the products, describing them as 'not versatile or flattering,' according to Bloomberg. This comes after Gap on Thursday reported $1.46 billion in total sales for the month of September, specifically for the five-week period that ended on October 3. This is a 1% drop compared to the same period last year when Gap reported sales of $1.48 billion, the company said. Among the results, Banana Republic sales took a beating with same store sales falling 10%. This is the company's third straight double digit percentage drop. Meanwhile, sales at Old Navy saw a growth of 4% and Gap global sales were flat. Looking ahead, the company expects its gross margin rate for the third quarter of fiscal year 2015 to be similar to the second quarter of fiscal year 2015. TheStreet's U-Jin Lee reports in New York.
Stocks in this video: GPS
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