Gap reports 2 percent drop in revenue measure for February
NEW YORK (AP) — Gap Inc. is reporting a 2 percent drop in a key revenue measure for February, dragged down by weakness at its Banana Republic stores.
The results, announced late Thursday, were slightly worse than the 1.4 percent decline that analysts were expecting, according to Thomson Reuters.
Gap said that by division its namesake brand saw revenue at stores opened at least a year improve from the prior months, with business unchanged compared to a year ago. Old Navy's metric was also unchanged. Banana Republic, which has been suffering from poor fit and quality issues, suffered an 11 percent drop in the metric.
The results mark the 11th consecutive monthly decline in the measure and underscore the challenges CEO Art Peck faces as he tries to turn around the San Francisco retailer.