Gap revealed its results for the first quarter of 2009, which ended on 2 May 2009. The revenues of the American group, which includes the Gap, Banana Republic and Old Navy brands, were lower than last year at $215 million (€154.4 million) compared with $249 million (€178.8 million) in the first quarter last year.

Gap

This quarter, net sales for the group decreased to $3.13 billion, down from $3.38 billion in the same period the previous year.

However, online sales (including those of Athleta) were more promising, growing by 13% to $267 million, up from $236 million in 2008.

“We are reassured by the manner in which we are crossing the crisis and the results of Old Navy particularly encourage us”, explained Glenn Murphy, president and CEO of the Gap group.

By Jonathan Fulwell (Source: Sarah Ahssen)