Banana Republic's president is out as the Gap brand struggles to find footing

Banana Republic President Andi Owen out
Banana Republic President Andi Owen out

The president of Gap's beleaguered Banana Republic label is out, following a string of dismal comparable sales results that recorded gains in just three of the last 24 months.

Andi Owen, global brand president of the wear-to-work brand, will exit the company in late February, after 25 years at Gap. CEO Art Peck will oversee the Banana Republic brand until a successor is named.

The company's shares edged slightly lower in after-hours trading. They ended the day at $24.18 a share.

"Andi has been an accomplished leader at Gap playing a number of key roles across Banana Republic, Old Navy and Gap," Peck said in a statement, adding that the separation was mutual.

"During her time with Banana Republic, Andi led critical work improving the brand's aesthetic and product quality and moved the brand to a full omni-channel assortment," he continued.

Still, Peck conceded that the brand has "significant work to do" to "consistently win with customers."

Indeed, Banana Republic has been a consistent dark cloud over Gap's business. Not only has it lost shoppers to cheaper fast-fashion labels, but the American workplace has gotten more casual.

Those trends sent the brand into a downward spiral of 40 percent discounts, as it tried to bring shoppers back into its stores. One analyst has even called for the company to sell the brand. In a bid to freshen up its image, the label recently teamed up with reality TV star Olivia Palermo.

Gap was a rare bright spot for retail over the holidays, growing comparable sales by 2 percent in November and December. But even then, Banana Republic struggled. After reporting a 5 percent comparable-sales gain in November, the label posted a 7 percent decline in December.

Owen had been heading up Banana Republic since January 2015.

Gap December comps up 4%
Gap December comps up 4%