GAP Inc., a leading global retailer offering clothing, accessories, and personal care products for men, women, and children, has reported that its net sales for the five-week period ended July 2, 2016 increased by 2 per cent to US $ 1.57 billion compared with net sales of US $ 1.54 billion for the five-week period ended July 4, 2015.
As per the company release, GAP’s comparable sales for the month of June 2016 were up 2 per cent against a 1 per cent drop last year. Comparable sales by global brand for June 2016 were as follows: Gap Global: negative 1 per cent versus negative 5 per cent last year; Banana Republic Global: negative 4 per cent compared with positive 1 per cent last year; Old Navy Global: positive 5 per cent against positive 1 per cent last year.
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Commenting on the results, Sabrina Simmons, Chief Financial Officer, GAP said, “We are pleased to see better performance across the portfolio this month, partly driven by an improvement in June traffic trends, particularly at Old Navy.”
GAP Inc. owns brands like Gap, Banana Republic, Old Navy, Athleta and Intermix brands. The company’s products are available for purchase in more than 90 countries across the globe through about 3,300 company-operated stores, about 450 franchise stores, and e-commerce sites.
