US: Gap upbeat on Q4 as January comps climb
Gap's comparable store sales were up 1% in January
Speciality clothing retailer Gap Inc has reported a 1% rise in January comparable store sales, helped by growth at two of its three brands.
However, increases in comparable store sales of 1% at Gap and 4% at Old Navy were offset by a 10% drop at Banana Republic.
The San Francisco-based retailer also said net sales fell 20.4% to US$899m during the four weeks to 1 February, compared to $1.13bn in the same period of last year.
For the fourth quarter, net sales were down 3.2% to $4.58bn from $4.73bn in the prior year. Comparable store sales edged up 1%, marking the company's eighth consecutive quarter of positive comparable sales growth. Comparable store sales climbed 1% at Gap, were flat at Old Navy, but fell 3% at Banana Republic.
"We're pleased to deliver a strong finish to the year, with another month and quarter of comp sales growth," said chairman and CEO Glenn Murphy.
Gap expects fourth-quarter earnings per share to be in the range of $0.65 to $0.66, representing full-year earnings per share growth in the mid-to-high teens.
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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