- Prachi Singh |
Gap net sales in the month of April were 1.12 billion dollars compared with 1.21 billion dollars for the four-week period ended May 2, 2015. For the first quarter, net sales were 3.44 billion dollars compared with 3.66 billion dollars for the same quarter last year. The company said that it will take steps to improve business performance and to build for the future.
“Our industry is evolving and we must transform at a faster pace, while focusing our energy on what matters most to our customers,” said Art Peck, Chief Executive Officer, Gap, adding, “We are committed to better positioning the business to recapture market share in North America and to capitalising on strategic international regions where there is a strong runway for growth.”
April and first quarter comparable sales results
Gap’s comparable sales for April were down 7 percent versus a 12 percent decrease last year. Comparable sales at Gap Global were negative 4 percent versus negative 15 percent last year, at Banana Republic Global, negative 7 percent versus negative 15 percent last year and at Old Navy Global, negative 10 percent versus negative 6 percent last year.
Comparable sales for the first quarter were down 5 percent versus a 4 percent decrease last year. First quarter comparable sales Gap Global were negative 3 percent versus negative 10 percent last year, at Banana Republic Global, negative 11 percent versus negative 8 percent last year and at Old Navy Global, negative 6 percent versus positive 3 percent last year.
First quarter guidance and growth initiatives
The company expects diluted earnings per share for the first quarter to be in the range of 0.31 dollar to 0.32 dollar.
The company is identifying opportunities to streamline its operating model to be more efficient and flexible, while more fully exploiting its scale advantage. Additionally, it is evaluating its Banana Republic and Old Navy fleets, primarily outside of North America, in order to sharpen its focus on geographies with the greatest potential.