Gap’s UK losses increased in its last financial year, as like-for-likes fell across both Gap and Banana Republic.

In the year to January 30 2016, its pre-tax losses spiralled from £12.3m to £19.4m.

Comparable sales at Gap’s eponymous fascia fell 5%, while Banana Republic’s plummeted 20%.

At Gap Outlet, comparable sales rose 3%.

Group turnover fell from £324.5m to £306.7m. Gap closed 20 underperforming stores during the year, adding another five.

The group decided last month to close all of its Banana Republic stores in the UK, though it will continue to trade the business online.

The fascia, which had struggled for several years, will disappear from British high streets by the end of the year.

Globally, Gap has reported several negative quarters.

Boss Art Peck has now begun to “execute restructuring plans”.

The group’s strategic overhaul includes cutting US Gap stores, withdrawing the Old Navy fascia in Japan and making head office redundancies.

In August, Peck said that while he “remained unsatisfied with the pace of improvement across the business” he was “encouraged by underlying signs of progress”.

He added: “Our management teams share my urgency to create fundamental change that will drive long-term performance.”

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