Net sales at apparel retailer Gap Inc. for the four-week period ended February 27, 2016 were US $ 888 million compared with net sales of US $ 918 million for the four-week period ended February 28, 2015.
According to the company release, February 2016 net sales dropped 2 per cent (on constant currency basis) compared to last year. Besides, retailer’s comparable sales for the reporting month were down 2 per cent against a 4 per cent decrease last year. Comparable sales at Gap Global remained flat against (-) 7 per cent in February 2015; Banana Republic Global reported (-) 11 per cent versus (-) 5 per cent; and Old Navy Global noted flat sales – same as last year.
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Commenting on the results, Sabrina Simmons, Chief Financial Officer, Gap said, “We are encouraged by the initial customer response to Gap brand’s spring collection and we remain focused on improving results across our portfolio.”
US-based 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 through about 3,300 company-operated stores, over 400 franchise stores and e-commerce websites.
