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Gap enjoys healthy financials thanks to Old Navy

July 13, 2016

Retailer Old Navy is delivering its parent company some robust financials while some of Gap Global's other brands aren't doing as well.

Gap Inc reported a 2 percent increase in sales during the five-week period ending July 2. The increase marked these five-week sales at $1.57 billion up from $1.54 billion in five-week sales for June of 2015.

"We are pleased to see better performance across the portfolio this month, partly driven by an improvement in June traffic trends, particularly at Old Navy," said Sabrina Simmons, Gap CFO, in a press release.

Comparable sales ended with Gap Global at -1 percent compared with -5 percent last year, Banana Republic Global ended at -4 percent compared to +1 percent last year, and Old Navy Global ended +5 percent compared with +1 percent last year, according to the release.