Gap Inc., parent company of Gap, Banana Republic and Old Navy, released its July and second quarter earnings report Thursday.
July net sales increased five percent to $1.17 billion compared to last July’s $1.12 billion. The retailer’s overall comparable sales for the month of July increased two percent versus a one percent increase the year prior.
Individually, Old Navy Global sales fared the best, rising three percent compared to a five percent decline the year before. Gap Global sales decreased two percent versus a positive seven percent the year before, while Banana Republic Global also dipped six percent compared to a one percent decline.
Glenn Murphy, chairman and chief executive officer of Gap Inc., said, “We’re pleased to close out the first half of the year with a positive comp in July and look forward to the new product and marketing campaigns our brands will launch this fall.”
The report also shared the company’s and its brands’ comparable sales for the second quarter of the 2014 fiscal year. Comparable sales were flat compared to a five percent increase last year. Gap Global sales dropped five percent from an uplifting six percent last year. Banana Republic Global sales remained flat as well, versus a negative one percent over last year. Old Navy Global sales grew four percent, however last year the retailer notched a six percent increase.
In total, second quarter fiscal year net sales increased three percent to $3.98 billion compared to $3.87 billion last year.