American clothing retailer GAP Inc. has said that its sales in the first quarter of fiscal year 2016 were US $ 3.44 billion as against US $ 3.66 billion in the corresponding period last year. In addition, April net sales totalled US $ 1.12 billion for the four-week period ended April 30, 2016, compared with net sales of US $ 1.21 billion in the same period last year.
Also Read – GAP’s March sales down 6%
Comparable sales by global brands for April 2016 were as follows: Gap Global noted (-) 4 per cent versus (-) 15 per cent last year; Banana Republic Global posted (-) 7 per cent against (-) 15 per cent last year; Old Navy Global reported (-) 10 per cent versus (-) 6 per cent last year. For the first quarter of the year, comparable sales by global brands were: Gap Global (-) 3 per cent against (-) 10 per cent last year; Banana Republic Global (-) 11 per cent versus (-) 8 per cent last year; Old Navy Global (-) 6 per cent versus 3 per cent last year.
Commenting on the results, Art Peck, CEO, Gap said “Our industry is evolving and we must transform at a faster pace, while focusing our energy on what matters most to our customers. We are committed to better positioning the business to recapture market share in North America and to capitalizing on strategic international regions where there is a strong runway for growth.”
Also Read – GAP: Net sales dip 2% in February ’16
The apparel retailer is planning to take measures to better position itself in the competitive market. It is also identifying opportunities to streamline its operating model to be more efficient and flexible, the company said in a release.
