In a recent report released by giant apparel retailer Gap Inc., net sales for November 2015 were reported to decrease by 9 per cent as compared to a 6 per cent increase during the same period last year. Net sales for November 2015 were US $ 1.57 billion compared with net sales of US $ 1.72 billion for the same period last year.
“With much of the holiday season still ahead, our teams remain focused on strong execution and delivering compelling experiences for customers across our brands,” said Sabrina Simmons, Chief Financial Officer, Gap Inc.
With Gap Global’s net sales remaining constant at 4 per cent negative, its brands Banana Republic and Old Navy faltered. While Banana Republic’s net sales fell to a negative 19 per cent versus positive 2 per cent last year, net sales for Old Navy fell to negative 9 per cent as compared to positive 18 per cent last year.
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Contrastingly, at L Brands, the parent company of global lingerie giant Victoria’s Secret, the business saw an increase of 12 per cent. The total same-store sale for the company has increased by 7 per cent. The net sales for Victoria’s Secret jumped by 6 per cent, while the Bath & Body Works showed a 7 per cent growth.
A retail consulting firm, Retail Next suggested that although the retailers reported declines, but the decline was less than the preceding five months. Shelley E. Kohan, Vice President of Retail Next said, “It was a bit of a paradox as the higher temperatures kept shoppers out of stores for most of November, yet the mild weather helped drive traffic during Thanksgiving and Black Friday.”
