Gap Inc. (NYSE:GPS) today announced record sales and earnings for the first quarter which ended Apr. 29, 2000. Earnings per share during the quarter rose 23 percent to $0.27 versus $0.22 the prior year. First quarter net sales rose 20 percent to $2.7 billion, compared with $2.3 billion in 1999. Comparable store sales decreased 2 percent versus an 11 percent increase last year. During the first quarter, the company’s comparable store sales by division were as follows: — Gap Domestic turned in a negative mid-single digit versus a positive mid-single digit last year– Gap International had a positive mid-single digit versus positive high-twenties last year– Banana Republic had a positive mid-single digit versus positive low-teens last year– Old Navy turned in a negative low-single digit versus positive low-twenties last year.Total first quarter sales growth has averaged 30 percent during the past three years; comparable store sales increases have averaged 9 percent. Net earnings increased 16 percent in the first quarter to $235 million compared with $202 million last year. After-tax return on sales was 8.6 percent, down 30 basis points from last year. Millard S. Drexler, president and chief executive officer, said, ” We had a strong quarter. Despite a slow Easter, we posted record results, with earnings per share up 23 percent in the first quarter over a 47 percent increase last year. Gap, Banana Republic and Old Navy all had positive earnings growth. These results show the strength of our brands and our management team in driving long-term growth.” Store count and square footage at quarter end for 2000 and 1999 were as follows:

Subscribe to Just Style

Join over 70,000 apparel industry professionals by unlocking full access for just £1 (plus VAT if applicable)

Already a Member? Login here

Just Style membership gives you:

  • Unlimited access to Just Style content including in-depth analysis, exclusive blogs, industry executive interviews and management briefings
  • Unbeatable market coverage from apparel sourcing and supply chain issues, to emerging markets and manufacturing
  • Unrivalled apparel industry comment from journalists including Leonie Barrie, Michelle Russell, Hannah Abdulla and Beth Wright.
Want multi-user access? Explore our multi-user & corporate memberships

70% of the apparel and textile companies in the Forbes Global 2000 use Just Style

Find out more