GAP Inc., the US-based apparel retailer, has announced financial results for the first quarter of 2017 fiscal year ended May 5. The fashion firm reported a 10 per cent increase in net sales to US $ 3.8 billion during the reporting quarter with a similar surge in gross profit.
The company’s global brands like Old Navy noted a 3 per cent increase in comparable sales during the quarter under review while Gap Global reported (-) 4 per cent decline in comparable sales versus (-) 4 per cent in the same period last year. Banana Republic Global reported a 3 per cent increase in comparable versus (-) 4 per cent in the same period last year.
GAP has been a tough competition to fast-fashion chains like Zara and H&M which have emerged as the favourite among the fickle shopping public over the years.
The company is known for its iconic apparels and accessories that it retail in over 90 countries via 3,200+ company-operated stores and 450 franchise outlets.
“Our balanced growth strategy provides the right foundation to differentiate our portfolio of brands in this retail environment, with strategic investments in value, active and digital fuelled by productivity opportunities unique to our scaled operating platform,” said Art Peck, President and Chief Executive Officer of the company.
