Gap Says Reopened Stores Have Already Recovered 70% of Last Year’s Sales

A silver lining in Gap's (NYSE: GPS) otherwise dour first-quarter earnings report yesterday was that sales at already opened stores have recaptured 70% of last year's numbers. CFO Katrina O'Connell told analysts, "we're pleased with reopened stores already generating sales at nearly 70% of their performance last year, with particular strength at Old Navy, where our customer base is strong and our store fleet is advantaged given its off-mall positioning." All three of Gap's multi-billion dollar brands -- Banana Republic, Old Navy, and its self-named chain -- failed to record a single instance of same-store sales growth in any quarter of 2019 and its Gap brand has only notched one quarter of positive comps in the last five years.