Athleta parent The Gap says it’s “on the right track” to resetting the business of its specialty retailer. This includes putting the brand “back at the center of the cultural wellness conversation while re-engaging the brand’s performance roots.” But the overall resetting of the business, which is described as an important brand in The Gap’s portfolio, will take more time.
In Q4, Athleta comp sales were down by 10 percent versus a 5 percent decline in the year-ago period as total banner revenues declined by 3.9 percent year-over-year to $419 million from $436 million. The business ended 2023 with 270 stores and 1.1 million sq. ft. For all of 2023, Athleta sales declined by 8.1 percent to $1.36 billion from $1.48 billion, with all but $50 million generated in the US.
The brand’s re-invigoration program, under the guidance of Chris Blakeslee, President and CEO, is focused on marketing and storytelling executed through social media and stores, The Gap said. Difficult promotional volume comparisons are projected to ease in H2.
