US: Gap posts 8% January comparable sales growth
Specialty clothing retailer Gap Inc has booked an 8% increase in January comparable store sales thanks to continued momentum in its North American businesses.
The San Francisco-based retailer said net sales reached US$1.13bn for the five-week period to 2 February, compared with $833m in the same period last year.
Comparable sales were up at all of its North American brands, with Gap and Banana Republic each recording an 8% gain and Old Navy posting 12% growth. International comparable sales climbed 1%, reversing a 10% decline a year ago.
"We're pleased with the continued momentum in the business across all our brands in North America," said chairman and chief executive officer Glenn Murphy. "As we transition to 2013, our focus remains on delivering compelling product in order to sustain our positive sales performance."
Meanwhile, fourth-quarter net sales increased 10.5% to $4.73bn, up from $4.28bn last year, while comparable sales were up 5%. Full-year sales rose 7.6% to $15.65bn against $14.55bn the year before, and comparable sales climbed 5%.
Gap expects fourth-quarter diluted earnings per share to be in the range of $0.70 to $0.71. In addition, it now expects year-end inventory dollars per store to be slightly higher than previous guidance, driven by higher in-transit inventory due to the earlier Easter holiday in 2013.
The Gap Inc offers casual, mid-tier clothing to Mexican consumers through department stores and recently in 2012 by opening its first flagship Gap store in the country....
Unveiling a new five-year plan to improve worker safety at the factories in Bangladesh that produce their clothing, North American brands and retailers were keen to stress the similarities between the...
Nike has named Craig Cheek as vice president of men's training, overseeing the sportswear giant's training, baseball and football businesses, including managing Nike's relationship with the National F...
Teen apparel retailer Delia's has tapped Coach Inc executive Whitney Randall as its new vice president and general merchandise manager....
Specialty clothing retailer Gap Inc recorded a 7% increase in comparable store sales for the second consecutive month in June, driven by strong growth at its Old Navy brand....
- Why should brands care about China cotton?
- New Gap CEO set to tackle “aesthetic issue”
- Low labour cost countries linked to highest risks
- China cotton: implications and opportunities
- Falling euro adds to Bangladesh production woes
- M&S Asia head quits as China stores to close
- Gap names new design head amid mixed Q4
- JC Penney share price falls on Q4 loss
- Pay rise mulled for Sri Lanka garment workers
- US labour concerns at Honduras apparel makers
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Outdoor performance apparel: peaks, valleys, and green fields
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead
- Global market review of swimwear - forecasts to 2019