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.
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