Fashion company Gap's third quarter net turnover dropped 3 %, pretty much entirely because of the strong American dollar, because if those exchange rate fluctuations are ignored, turnover would have remained stable.
Old Navy is positive note
Gap's turnover reached 3.86 billion dollars (3.6 billion euro) in the third quarter, down 3 % compared to the 3.97 billion dollar (3.7 billion euro) turnover it managed in last year's third quarter. Exchange rate fluctuations negatively impacted turnover 98 million dollars (91 million euro).
Gap Group's like-for-like turnover dropped 2 % in the third quarter, similar to the 2 % like-for-like turnover drop it experienced last year. The Gap brand dropped 4 % on a like-for-like basis, while Banana Republic even dropped 12 %. Old Navy however is the one positive note for the company as like-for-like turnover grew 4 %.