USA: Gap Inc Announces June Sales Up 19 Per Cent
Gap Inc (NYSE:GPS) today reported sales of $1.17 billion for the five weeks ended July 1, 2000, an increase of 19 per cent over sales of $977 million for the comparable period ended July 3, 1999. The company's comparable store sales for June 2000 decreased 2 per cent compared to a 13 per cent increase in June 1999. The company's June comparable store sales by division were as follows: Gap Domestic had a positive low-single digit versus a positive low-single digit last year; Gap International had a flat comp versus positive mid-teens last year; Banana Republic had a positive low-single digit versus positive low-teens last year; and Old Navy had a negative high-single digit versus positive mid-thirties last year. Sales of $4.83 billion for the 22 weeks ended July 1, 2000, represent an increase of 20 per cent over sales of $4.04 billion for the same period in 1999. The company's year-to-date comparable store sales decreased 2 per cent compared to an 11 per cent increase a year ago. As of July 1, 2000, Gap Inc operated 3,224 stores compared to 2,630 at July 3, 1999, an increase of 23 per cent. As a result of the lower, quarter-to-date reported margins, the company believes that earnings for the second quarter will likely come in approximately three cents below the current consensus estimate of $0.26. Despite the second quarter business shortfall, the company does not anticipate changes to the third and fourth quarter range of analyst estimates.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Under Armour Lighthouse will disrupt production
- Will new Vietnam wage hinder competitiveness?
- How TAL Apparel is staying ahead of the game
- Ethiopia violence undermines sourcing strategies
- Digitisation to drive new apparel-making models
- Marks & Spencer top for modern slavery reporting
- Bangladesh garment workers rally for higher wages
- MAS Holdings shares commitment to sustainability
- H&M CEO named sustainability leader
- Gap to shutter all UK Banana Republic stores
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020