Gap Q1 Sales Drop

Locally based apparel giant Gap Inc. had weaker-than-expected sales due to a strong dollar, impacting its overseas stores. Same-store sales fell four percent year-on-year across its concepts.

There was an eight-percent drop at Banana Republic, and namesake units fell 10 percent. A bright spot was Old Navy, posted a three-percent increase.

Overall revenue fell three percent, to $3.66 billion. The company posts its full first-quarter results next week.