Athleta vows to strengthen its ranges after revenue fall
Gap Inc – owner of Old Navy, Gap, Banana Republic and Athleta – has reported a 1% increase in first quarter sales to $3.5 billion, however, results were dragged down by revenue decline at its sportswear brand.
Athleta’s sales of $270 million were down 12% compared with last year.
The company said it will now focus on “rebuilding” Athleta the long term and launching a “stronger, reimagined” assortment in the second half of the year
Group CEO Richard Dickson said: “In the first quarter, Gap Inc delivered continued progress against our strategic priorities, including further market share gains and achieving our ninth consecutive quarter of positive comparable sales.
“Gap brand delivered a standout quarter with a double-digit comp, marking one of the brand’s strongest performances in over two decades. Performance across our other brands was varied, reflecting both the different stages of their transformation and some brand-specific dynamics.”
Gap’s first quarter sales of $796 million were up 10% compared with last year, driven by increased in denim, fleece and kids and baby.
The group ended the quarter with nearly 3,500 store locations in about 35 countries, of which 2,477 were company operated.
