Gap returns to sales growth with positive holiday trading

Net sales at Gap, for the four week period ended January 28, 2017 increased 2 percent to 828 million dollars compared with net sales of 813 million dollars for the same period ended January 30, 2016. For the fourth quarter, net sales increased 1 percent to 4.43 billion dollars compared with 4.39 billion dollars for the fourth quarter last year.

“Against a challenging retail backdrop, we’re pleased to report growth in our top-line and comp sales during the critical holiday quarter,” said Art Peck, Chief Executive Officer, Gap, in a media release, adding, “We remain focused on actions that will strengthen our brands and recapture market share.”

January and Q4 comparable sales rise

Gap’s comparable sales for January 2017 were up 1 percent compared with a decline of 8 percent last year. Comparable sales at Old Navy Global were positive 2 percent versus negative 6 percent last year, at Gap Global, they were positive 3 percent versus negative 6 percent last year and at Banana Republic Global: negative 4 percent versus negative 17 percent last year.

Comparable sales for the fourth quarter of fiscal year 2016 were up 2 percent compared with a decline of 7 percent last year. Comparable sales at Old Navy Global were positive 5 percent for the quarter, versus negative 8 percent last year, at Gap Global, flat versus negative 3 percent last year and at Banana Republic Global, negative 3 percent versus negative 14 percent last year.

Gap reveals full-year earnings outlook

For fiscal year 2016, the company now expects its reported diluted earnings per share to be in the range of 1.68 dollars to 1.69 dollars. On an adjusted basis, the company now expects its adjusted earnings per share to be in the range of 2.01 dollars to 2.02 dollars, excluding the impact of costs associated with the company’s previously announced store closure and streamlining initiatives of about 0.41 dollar.

For the fourth quarter, the company expects its reported diluted earnings per share to be in the range of 0.54 dollar to 0.55 dollar, or about 0.50 dollar to 0.51 dollar on an adjusted basis.

Picture:Gap

 

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