Gap posts 7% June comparable store sales growth

Gap

Gap Inc recorded a 7% increase in comparable store sales for the second consecutive month in June, driven by strong growth at its Old Navy brand.

The San-Francisco-based company, which operates 3,100 stores, said comparable store sales jumped 13% at Old Navy and 5% at Gap during the five weeks to July 7, while Banana Republic reported a 1% drop.

“We are pleased with our June sales results,” said chairman and CEO Glenn Murphy. “Old Navy’s performance was particularly strong.”

The San-Francisco-based company saw net sales increase 8% to reach $1.53 billion during the period, up from $1.41 billion in the same period last year.

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