Gap reports 2 percent drop in revenue measure for February

NEW YORK / AP

Gap Inc. is reporting a 2 percent drop in a key revenue measure for February, dragged down by weakness at its Banana Republic stores.
The results, announced this week, were slightly worse than the 1.4 percent decline that analysts were expecting, according to Thomson Reuters.
Gap said that by division its namesake brand saw revenue at stores opened at least a year improve from the prior months, with business unchanged
compared to a year ago.
Old Navy’s metric was also unchanged. Banana
Republic, which has been suffering from poor fit and quality issues, suffered an 11 percent drop in the
metric.
The results mark the 11th consecutive monthly decline in the measure and underscore the challenges CEO Art Peck faces as he tries to turn around the San Francisco retailer.
The Gap, Inc. is an American multinational clothing and accessories retailer. It was founded in 1969 by Donald Fisher and Doris F. Fisher and is headquartered in San Francisco, California.
The company operates five primary divisions: the namesake banner, Banana Republic, Old Navy,
Intermix, and Athleta.
Gap Inc. is behind Inditex Group and H&M in the total numbers of international locations. However, it remains the largest specialty retailer in the US. As of September 2008, the company has approximately 135,000 employees and operates 3,076 stores worldwide, of which 2,551 are located in the US.
The Gap originally targeted the younger generation when it opened, with its name referring to the
generation gap of the time.
It originally sold everything that Levi Strauss & Co made in every style, size, and colour, and organised the stock by size. The Gap was the first of many shops that carried only Levi’s, which led to a worldwide shortage of indigo denim.