San Francisco, CA., United States (4E) – Gap Inc. CEO Art Peck says that cold, rainy and unseasonable weather has led to poor sales for his company’s poor performance in clothing sales of late.
“As you know, this is one of the coldest, wettest quarters in memory,” Peck said during a conference call with investors.
Peck and Teri List-Stoll, Gap Inc.’s executive vice president and CFO, reportedly used weather conditions about 20 times as a reason for the poor showing of late by Old Navy, Gap, and Banana Republic.
Gap’s namesake brand recorded its weakest sales in three years, while Old Navy and Banana Republic, the latter which did well in 2018, didn’t fare any better.
Some analysts aren’t buying weather being a key reason for Gap’s decreasing sales. however.
They say the company’s product line hasn’t changed to meet consumer demand in decades and while denim’s popularity appears to be on the rise it may not be enough to lift Gap’s lagging sales.
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