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The largest US apparel retailer just reported strong June sales, perhaps the first sign to indicate the US retail environment is coming back to life.
Gap same-store sales rose 2% in June, a huge success considering analysts expected them to drop 3.6%, Bloomberg reports. Old Navy is largely to thank for the Gap’s turnaround—the off-price brand led the surge with a 5% jump in comparable sales.
Perhaps this is the start of the turnaround CEO Art Peck promised to deliver, although it has taken longer than expected. To top off the month, the firm’s stock jumped 5.4% after the results were announced, taking a bite out of the 12% loss in the last year. [Bloomberg]
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