Fashion retailer Gap's sales tumbled 12 per cent to US$1.37 billion (£691.2 million) for the five weeks to April 5.

Its like-for-like sales in March also dived 18 per cent.

Old Navy North America was the group’s worst-performing brand, with sales falling 27 per cent like-for-like. Gap and Banana Republic North America’s like-for-like sales fell 14 per cent and 8 per cent respectively for the month.

Chief financial officer Sabrina Simmons admitted that traffic and sales across the brands were “disappointing” in March. “With continued inventory discipline across the brands, we delivered merchandise margins above last year,” she added.

Topics