US-based global apparel retail giant Gap Inc. has announced its financial results for four-week period ended July 30, 2016. The company’s net sales noted a plunge of 4 per cent to US $ 1.10 billion as against US $ 1.12 billion in the corresponding period last year. Gap global comparable sales for the month of July 2016 reported a down surge of 4 per cent versus 7 per cent decrease in the previous year. In the period under review, comparable sales for Banana Republic Global reported a fall of 14 per cent versus a negative 10 per cent last year and Old Navy Global stood flat versus a positive 3 per cent last year.
The second quarter witnessed net sales worth US $ 3.85 billion, down from US $3.90 billion in the corresponding period last year. Gap global comparable sales for July 2016 reported a drop of 3 per cent against 6 per cent decrease in the previous year. Banana Republic Global observed a drop of 9 per cent versus a negative 4 per cent last year. Old Navy Global comparable sales stood flat versus a positive 3 per cent in the corresponding quarter last year.
Also Read – L Brands’ July sales up 2%
Sabrina Simmons, Chief Financial Officer, Gap Inc. states, “Our streamlining initiatives were progressive despite varying performance during the quarter and our larger brands are showing signs of improvement.” With 3,300 company-operated stores in more than 90 countries, Gap Inc. is a leading retailer offering clothing, accessories, under the brands Gap, Banana Republic, Old Navy, Athleta, and Intermix.
