More bad news for Gap: Old Navy sales plunge

It seems not as many people are “stepping into” Old Navy lately.

Despite the tagline and sales pitch from the likes of Julia Louis-Dreyfus and the stars of “Portlandia,” the retailer's store sales slipped again in December.

CNNMoney reports parent company Gap Inc. (NYSE: GPS) said its overall same-store sales fell 5 percent last month. Old Navy's sales fell 7 percent.

Shares of GPS plunged more than 40 percent, largely due to the weakness at its namesake brand and Banana Republic.

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