It's been a really bad year for Gap, Inc. So much so, in fact, even Internet sales, which have tended upward for most retailers, have fallen--though not by as much as analysts predicted. In the third
quarter, Gap's online sales fell 10 percent to $134 million from $148 million last year. This amounted to 4 percent of total sales.
Internet Retailer says the poor third quarter performance is
due to the technical problems the company experienced in redesigning its three Web sites, costing them tens of millions of dollars. According to a
New York Times report, sales are slumping at
all three of Gap's companies this year, causing the company to write off its plan of having a successful holiday season.
Read the whole story at Internet Retailer »
