US: Gap posts mixed Q1 sales performance
Gap posted mixed sales results during the first quarter
US clothing Giant Gap Inc has booked a mixed sales performance in the first-quarter, with net sales growth but a slight fall in comparable store sales.
The San Francisco-based retailer, which operates around 3,100 stores, said net sales reached US$3.77bn in the quarter, compared to $3.73bn in the same period last year.
But comparable store sales edged down 1%, with a 5% decline at Gap, a 1% fall at Banana Republic, while Old Navy recorded a 1% increase.
For April, however, comparable store sales were up 9%, helped by a 3% rise at Gap, a 7% increase at Banana Republic and an 18% jump at Old Navy. Net sales grew 10% to $1.33bn from $1.21bn last year.
"We are pleased with our execution overall in April, especially at Old Navy," said Gap chairman and CEO Glenn Murphy.
Gap Inc expects first-quarter diluted earnings per share to be $0.56-0.57, while gross margins are forecast to fall less than the year-over-year decline in the fourth quarter of last year.
The Gap Inc has demonstrated that it understands the direction of the apparel market, and is using its digital platforms in conjunction with its physical stores to drive growth. The company has benefi...
The Gap is a US apparel specialist retailer which offers casual, mid-tier clothing. It continues to pursue a multi-tier price strategy, operating retail concepts (Banana Republic, Gap, Old Navy, Piper...
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