US-based apparel retail giant GAP Inc. has announced its financial results for the four-week period ended January 28, 2017. The company’s net sales for the period increased 2 per cent to US $ 828 million compared with net sales of US $ 813 million for the four-week period ended January 30, 2016. For the fourth quarter of fiscal year 2016, GAP’s net sales increased by 1 per cent to US $ 4.43 billion compared with US $ 4.39 billion for the fourth quarter last year.
According to the press release, the fashion retailer’s comparable sales for January 2017 were up 1 per cent compared with a decline of 8 per cent last year. Its Old Navy brand sales noted positive 2 per cent growth against negative 6 per cent last year while Banana Republic Global noted negative 4 per cent versus negative 17 per cent last year.
Commenting on the results, Art Peck, Chief Executive Officer, GAP said, “Against a challenging retail backdrop, we’re pleased to report growth in our top-line and comp sales during the critical holiday quarter. We remain focused on actions that will strengthen our brands and recapture market share.”
Also Read – Apparel retailer GAP out with its September sales report
GAP 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. 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.
