US-based apparel retailer, GAP Inc. has announced its financial results for the third quarter ended in October 29, 2016. During the period under review, the company registered a 2 per cent decrease in net sales to US $ 3.80 billion compared with US $3.86 billion over the same period last year. While sales showed a drop of 1 per cent market share in Europe and 1 per cent increase in Canada, the rest remained same as compared to the third quarter of prior year.
Moreover, third quarter operating expenses were US $ 1.10 billion, including about US $ 35 million of restructuring costs, compared with US $ 1.03 billion during the corresponding quarter of last year.
Also Read – GAP out with October sales report
Comparable sales by global brand for the third quarter were as follows: Gap Global showed a decline in net sales to US $ 1,340 this year as compared to US $ 1,448 over the same period in previous year. Banana Republic Global also declined from US $ 627 in the third quarter last year to US $ 580 million this year. However, the company’s famous brand, Old Navy Global recorded positive sales of US $ 1,705 up from US $ 1,623 million last year.
During the third quarter, the apparel retailer opened 36 and closed 28 company-operated stores.
