US: Gap books 4% October comparable sales growth
US apparel giant Gap Inc has today (1 November) posted a 4% increase in comparable sales during October on the back of growth at its North American businesses.
Net sales rose 7% to US$1.22bn during the four weeks ended 27 October, compared to $1.14bn the prior year.
The San Francisco-based retailer said comparable sales increased at all of its North American divisions, with Gap posting 6% growth, Banana Republic recording a 5% gain and Old Navy booking a 5% rise in comparable sales.
But international comparable sales slipped 2% in October, compared to a 7% decline last year.
"We're very pleased with the continued momentum in the business across all brands in North America," said CEO and chairman Glenn Murphy. "Our focus remains on offering great product to our customers in order to sustain our business performance."
Year-to-date sales increased 6% to $10.93bn, while comparable sales rose 5% compared to a 3% decline last year.
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