Warm weather continues to haunt American apparel retailers. Recently only Macy’s and NEXT witnessed dip in sales due to unprecedented weather condition, and now Gap Inc. has noted that net sales for the five-week period ended January 2, 2016 dived 4 per cent to US $ 2.01 billion, compared with net sales of US $ 2.10 billion for the corresponding period last year.
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Comparable sales of the clothing retailer for the month of December, 2015 were down 5 per cent against 1 per cent zoom last year. Other Gap-owned brands – Gap Global reported negative 2 per cent comparable sales against negative 5 per cent last year; Banana Republic Global noted negative 9 per cent versus flat last year; and Old Navy Global witnessed negative 7 per cent comparable versus positive 8 per cent last year.
Optimistic about Spring 2016, Sabrina Simmons, Chief Financial Officer of Gap, averred, “As we bring the holiday season to a close, we look forward to delivering new Spring collections across our brands.”
Also Read – Macy’s reports tough Holiday Season; to shut 40 stores
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 products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, over 400 franchise stores, and e-commerce sites.
