Gap to close 75 Old Navy, Banana Republic stores globally

Apparel retailer Gap Inc said on Thursday it would shut 75 Old Navy and Banana Republic stores globally as the retailer tries to recover from five straight quarters of falling sales.

The store closures will include 53 Old Navy outlets in Japan, the company said in a statement.

The company last week had warned about possible store closures after reporting dismal first-quarter sales of its top three brands.

Gap, which also owns Athleta and Intermix clothing brands, said it was not reaffirming its adjusted profit forecast of $2.20 (£2)-$$2.25 per share for 2016.

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While sales of the company's Banana Republic and Gap brands have been falling for some time now, recent declines at Old Navy pose a bigger challenge for the 46-year old retailer.

Gap's net income fell 46.9 percent to $127 million, or 32 cents per share, for the first quarter ended April 30.

Net sales were down 6 percent at $3.44 billion, the company had reported last week.