09 October 2012 10:54
Gap Inc. has said that same-store sales rose 6% in September, beating expectations and regaining analysts' confidence in the group. The figure beats a 4% fall in sales in September last year.
The turnaround was led by the company's Old Navy brand in North America, where comparable sales were up 10% compared to a fall of 1% last year. Meanwhile, the company's international division saw sales grow 3% on a decline of 13% in 2011.
"In September, strong customer response to trend-right product across all brands helped us deliver continued positive performance in North America," said Glenn Murphy, chairman and chief executive officer of Gap Inc.