Old Navy Same-Store Sales Plunge 27%

San Francisco Gap Inc. said that sales fell 12% in March, and its same-store sales fell 18%. But same-store sales at its Old Navy division took the biggest fall, dropping 27% in the five weeks ended April 5. A year ago same-store sales grew 10% in that unit.

 Gap brought in sales of $1.37 billion in the five-week period, down from sales of $1.55 billion a year ago in the same period.

Same-store sales fell in every Gap division, even Banana Republic, which has lately done the best of the company's units.

Banana Republic's same-store sales fell 8% and international same-store sales fell 3%. Same-store sales in Gap's North America business fell 14%.

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