- Discounts have become a mainstay at Gap, and it’s increasingly becoming unusual to pay full price for anything there.
- In Gap Inc.‘s most recent earnings statement, it reported that same-store sales for its namesake brand were down 7%, while its sister brands Old Navy and Banana Republic reported a 4% and 2% increase, respectively.
- Group CEO Art Peck said during earnings that the company was disappointed with the results and admitted, “We need to do better.” Peck said that Gap continued to feel the impact of “operational missteps in the business,” which led to heavy discounting.
Gap is embracing discounting as it heads into 2019.
On Thursday, the retailer sent an email to customers informing them about its end-of-year sale, which offers up to 75% off sale items, plus an extra 40% off the markdown price with the code SALE. Shoppers could end up spending as little as $ 18 on an $ 80 sweater, for example.See the rest of the story at Business Insider
See Also:
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- Eddie Lampert has a back-up plan for Sears — and it could mean hundreds more store closures
SEE ALSO: Gap is doubling down on one of retail’s deadliest mistakes
