US: Gap comparable sales fall 2% in April
By Leonie Barrie | 4 May 2012
Comparable sales at specialty clothing retailer Gap Inc slipped 2% in April, while net sales during the month were flat compared with last year at $1.15bn, the company said yesterday (3 May).
The San Francisco based retailer posted gains in its North American units of 4% at Gap and 1% at Banana Republic. But both Old Navy and its International division saw comparable sales, which include online sales, fall 6%.
The results mean that for the first quarter of its financial year, net sales rose 6% to $3.49bn from $3.30bn, while comparable sales were up 4%.
"We delivered a solid first quarter as spring product continued to do well across all brands," said Glenn Murphy, chairman and chief executive officer of Gap Inc.
During the quarter there were gains of 5% at both Gap and Banana Republic North America, Old Navy rose 4%, but International comparable sales fell 4%.
Sectors: Apparel, Finance, Retail
Companies: Gap Inc
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US: Gap comparable sales fall 2% in April
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