Gap Suffers 27th Same-Store Sales Slide

Sales -->Troubled apparel giant Gap Inc on Thursday revealed it suffered a six per cent slide in same-store sales last month - its 27th consecutive monthly fall - but said total sales climbed two per cent to $1.32 billion.

The San Francisco-based operator of 4,258 stores, under the Gap, Banana Republic and Old Navy banners, said same-store sales at its domestic and International Gap stores both fell seven per cent.

It added Banana Republic same-store sales slipped six per cent and Old Navy same-store sales four per cent.

For the 22 weeks to July 7, sales fell five per cent to $5.2bn from $5.5bn in the year-ago period, with same-store sales down 13 per cent compared to a fall of seven per cent in the year prior.

"June sales across all brands were significantly better than expected," said Gap CFO Heidi Kunz in a short statement. Gap added it currently operates nine per cent more stores than in 2001.