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US Same-Store Sales Didn’t Shine in May

Gap Inc. (GPS) said Thursday that net sales for the four-week period ended May 28 fell 5 percent to $1.18 billion, compared to $1.25 billion a year ago, as same-store sales declined at Gap, Banana Republic and Old Navy.

The announcement followed the company’s fifth consecutive quarter of falling revenue and profit. But the news wasn’t all bad, as business picked up slightly at Gap: comps decreased 3 percent, an improvement on last May’s 6 percent decline.

Read more at Sourcing Journal.

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