Reports on August retail sales ended on a sour note Thursday as Gap Inc. registered an unexpected decline in its comparable sales for the month.
Gap Inc. saw a 2 percent decline overall, with the Old Navy brand the only unit on the positive side. Old Navy was up 2 percent for the month, while Gap and Banana Republic slid down 6 percent and 2 percent, respectively. The company missed the Thomson Reuters consensus estimate for a 1.6 percent pickup, and all three of its nameplates came in below anticipated levels. Old Navy was expected to report a 3.4 percent increase, Gap a 0.1 percent improvement and Banana Republic a 0.7 percent gain.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)