Old Navy only bright spot in Gap August sales

Sales at Gap Inc. fell 2% to $1.17 billion in August, with sales at its Banana Republic brand falling the most, off 10% for the month, the company said in a statement late Thursday. Sales at Old Navy rose 1%, while sales at the eponymous Gap stores fell 5%. "While we are pleased with the continued progress at Old Navy, we remain focused on improving results across our global brands," Gap said. In the same statement, the San Francisco-based company said it was "still assessing" the impact of a fire that broke out earlier this week in one building at a Gap distribution center in Fishkill, New York. Gap shares fell 1.2% after hours and ended the regular Thursday session down 1.3%.

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