Clothing retailers such as Express and Gap that stashed away mountains of unsold basics during the coronavirus pandemic now are slashing prices on clearance merchandise in a last-ditch effort to clear clothing racks.
have held on to older merchandise, from as far back as last holiday season, with the hopes of selling the inventory this fall.
Jessica Ramirez, an analyst at Jane Hali & Associates who frequently does store checks, has been seeing summer clothing on Gap's racks for weeks. Retailers placing past-season merchandise is "not a good sign" for profit margins or customer engagement at a time of slowing demand for clothing, she said.
Express reported an 8% fall in quarterly comparable sales on Thursday, blaming a drop in demand from lower income shoppers and fashion misses in its women's apparel business. Total inventories were up 30% in the second quarter and 40% in the first, after it brought in late holiday merchandise. Sequined blazers and pants from last holiday season are now on store floors, Express told investors in November.
Gap.com on Tuesday posted discounts of 60% on basic crewneck t-shirts. The promotion excluded trendier styles like faux leather pants.
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