US-based apparel retail giant GAP Inc. has announced its financial results for five-week period ended October 1, 2016. The company’s net sales plunged 2 per cent to US $ 1.43 billion as against US $ 1.46 billion in the corresponding period last year. As per the company release, its comparable sales for the month of August were down 3 per cent against a 1 per cent drop last year due to the negative impact of fire occurred in a building on its Fishkill, New York distribution centre campus.
In the period under review, comparable sales for Banana Republic Global dived 9 per cent versus a negative 10 per cent last year and Old Navy Global stood at positive 4 per cent compared to flat last year. Gap Global generated negative 10 per cent comparable sales against flat last year in the reporting period.
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Commenting on the results, Sabrina Simmons, Chief Financial Officer, GAP Inc. said, “While we remain focused on performance across the portfolio, we are pleased to see a strong customer response to Old Navy’s product assortment, which continues to drive positive momentum at our largest brand.”
GAP Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the GAP, Banana Republic, Old Navy, Athleta, and Intermix brands. Its fiscal year 2015 net sales stood at US $ 15.8 billion. The company’s products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, about 450 franchise stores, and e-commerce sites.
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