Reports Indicate Sales Have Weakened At The Gap (GPS)

According to the Phoenix Group, sales at both the Gap GPS and Old Navy, which is owned by the Gap, have taken a turn for the worse. Their checks indicate that the deterioration has taken place over the last couple of weeks. They are seeing negative mid-single digit comps for Gap and negative double digits for Old Navy. For the month, comps could end down mid-single digits for Old Navy. The Street is projecting that the Gap will show positive 4.4% comps for June, with Old Navy up 5%.