Gap Blames Calendar for Struggling Summer Sales
Gap had another month of disappointing sales. This time it blamed this year's late Labor Day holiday. The big holiday weekend will count toward September's results rather than August, as it has the past three years. Without benefit of Labor Day, Gap reported an overall 3 percent drop in August sales from the prior year, with sales at established stores open more than a year down 2 percent. Old Navy was still the retailer's top performer, with a better-than-expected 6 percent jump in sales at stores open more than a year.