Old Navy Is Wearing the Pants in Gap’s Turnaround Effort
For Gap Inc., the Old Navy brand is driving momentum in its turnaround. The company posted solid second-quarter results that showed its lower-priced chain adding market share and playing an increasingly important role in bolstering overall sales. Trailing 12-month revenue revealed a growing gap between Old Navy and the namesake brand of $1.63 billion as of the latest quarter, the widest spread ever. “Value trumps all today,” one Wells Fargo Securities analyst said, commenting on the report.