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Old Navy Returns to Form in June

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Old Navy has ended its streak of poor results.

Gap Inc. shares (GPS) rose more than 7 percent in early trading Friday after the San Francisco-based operator of Gap, Old Navy and Banana Republic reported that net sales for the five weeks ended July 2 rose 2 percent to $1.57 billion.

That increase was mostly down to the fact that total same-store sales were up 2 percent last month, versus a 1 percent decrease in June 2015. Analysts had expected a 3.6% drop.

Read more at Sourcing Journal.

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