US-based apparel retail giant GAP Inc. has unveiled its financial results for the month of October, ended October 29,2016. The company reported net sales of around US $ 1.20 billion. As per the company release, its comparable sales for the month of August were down 1 per cent against a 3 per cent drop last year.
In the period under review, comparable sales for Banana Republic Global dived 4 per cent versus a negative 15 per cent for the same period last year and Old Navy Global stood at positive 3 per cent when compared to positive 2 per cent last year. On the other hand Gap Global generated negative 7 per cent comparable sales against negative 4 per cent last year for the reporting period.
Commenting on the results, Sabrina Simmons, Chief Financial Officer, GAP Inc. said, “As we close out the quarter, we are pleased to see a continued positive customer response to our Old Navy product collections.”
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The company also posted its third quarter financial results for the current fiscal. As per report the company’s net sales amounted to US $ 3.80 billion compared to US $ 3.86 billion for the corresponding period last year. Its comparable sales for the reporting period were down 3 per cent compared to 2 per cent drop last year.
In the reporting period, comparable sales for Banana Republic Global dropped 8 per cent versus a negative 12 per cent last year and Old Navy Global stood at positive 3 per cent compared to positive 4 per cent last year. Gap Global’s comparable sales plunged to negative 8 per cent against negative 4 per cent last year for the reporting period.
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.
