Weak demand for Banana Republic, Old Navy weighs on Gap

Posted online May 10, 2016 | 11:32 am

Damaged by weak demand for its Banana Republic and Old Navy brands, Gap Inc. reported lower-than-expected quarterly sales.

Net sales fell 6 percent to $3.4 billion, missing the average analyst estimate of $3.5 billion.

Reuters cited increased competition from online retailers and stores such as H&M, Forever 21 and Zara.

Read more from Reuters.

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