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Shoppers Are Leaving Gap, Banana Republic, and Old Navy in Droves

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Photo: Getty Images
Photo: Getty Images

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Despite plenty of turnaround efforts, all three of Gap, Inc.'s brands reported a significant decline in sales so far this year. In April alone, Gap reported a 15% decline in sales compared to the same time last year, Banana Republic reported a 15% decline as well, and Old Navy reported a 6% drop in sales. Altogether in the first quarter of 2015, Gap reported a 10% decline, Banana Republic reported an 8% decline, and Old Navy posted a 3% sales gain.

According to Fortune, the overall sales decline is the biggest that the company has reported since late 2011. Gap's CEO Art Peck admitted to investors back in February that the turnaround road wasn't going to be easy, saying that "2015 is going to be a year of hard work and getting back on track."