US-based apparel retailer GAP Inc. has announced its financial results for the fourth quarter and full year ended January 28, 2017. The company’s net sales noted 1 per cent surge to US $ 4.43 billion compared to US $ 4.38 billion over the same period last year.

In the mentioned period, the apparel brand generated gross profit of US $ 1.50 billion as against US $ 1.44 billion last year. Its operating income totalled US $ 0.30 billion from previous year’s US $ 0.35 billion. In addition, net income amounted US $ 0.22 billion compared to net income of US $ 0.21 billion.

Comparable sales by global brand for the third quarter were as follows: Gap Global showed a negative 3 per cent versus negative 6 per cent last year. Banana Republic Global also declined 7 per cent versus negative 10 per cent last year. However, the company’s famous brand, Old Navy Global recorded positive 1 per cent versus flat last year.  

In the full year 2016, company’s net sales stood at US $ 15.51 billion compared with US $ 15.79 billion over the same period last year. Gross profit in the reporting period amounted to US $ 5.50 billion as against US $ 5.72 billion last year. Operating income totalled US $ 1.19 billion from previous year’s US $ 1.52 billion. Continuing the trend, net income of the company amounted US $ 0.67 billion compared to net income of US $ 0.92 billion.

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“We’re pleased to finish the year strong, with positive comp and sales growth during the critical holiday quarter. Going forward, we will maintain our focus on improving the quality and relevance of our products, increasing our responsiveness to trends and demand, and creating more synergy across channels to deliver the experiences our customers want and expect, however they choose to shop,” said Art Peck, Chief Executive Officer, Gap Inc.