USA: Gap's Same Store Sales Drop One Per Cent In July
Gap Inc (NYSE:GPS) today reported sales of $851m for the four weeks ended July 29, 2000, an increase of 22 per cent over sales of $696m for the comparable period ended July 31, 1999. The company's comparable store sales for July 2000 decreased 1 per cent compared to a 2 per cent increase in July 1999. Sales of $5.68 billion for the 26 weeks ended July 29, 2000, represent an increase of 20 per cent over sales of $4.73bn for the same period in 1999. The company's year-to-date comparable store sales decreased 2 per cent compared to a 10 per cent increase a year ago. As of July 29, 2000, Gap Inc operated 3,284 stores compared to 2,661 at July 31, 1999, an increase of 23 percent. Due to weaker than expected results in July, the company believes that earnings per share will come in two to three cents below the current consensus estimate of $0.23.The news led to a sharp drop in the company's stock's price in after-hours trade on Wednesday.On the Instinet electronic trading system, the Gap was last set at 32-1/2, down from its close at 37-15/16 on the New York Stock Exchange. In regular NYSE trading, Gap rose 15/16.On Island, Gap was last executed at 37.6250 on that order-matching system.
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 17 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
Help test our new apparel sourcing tool.
- Trump and the apparel industry – Infographic
- How US border adjustment tax could affect apparel
- $1.7bn package to boost Pakistan clothing exports
- British Brexit plans prioritise tariff-free trade
- Mexico riots hit apparel retailers and shipments
- Cambodia clothing exports at risk from Brexit
- Apparel brands urge Bangladesh PM to address wages
- MAS Holdings planning second industrial park
- American Apparel to shutter all stores?
- Better compliance "crucial" for Bangladesh growth
- Outdoor performance apparel 2016: A broader perspective
- Anti-odour clothing: fresh fashion for an active lifestyle
- Global apparel markets: product developments and innovations, October 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022