Gap Inc. Reports March Sales Results
April 09 2015 - 4:00PM
Business Wire
Gap Inc. (NYSE:GPS) today reported that net sales for the
five-week period ended April 4, 2015 increased 1 percent to $1.53
billion compared with net sales of $1.51 billion for the five-week
period ended April 5, 2014.
“We are especially pleased with the strong customer response to
Old Navy during this peak spring shopping month, and we remain
focused on the steps necessary to drive improved product
consistency across our entire portfolio,” said Sabrina Simmons,
chief financial officer, Gap Inc.
March Comparable Sales Results
Gap Inc.’s comparable sales for March 2015 were up 2 percent
versus a 6 percent decrease last year. The company noted that the
earlier timing of the Easter holiday peak shopping weeks this year,
as compared to last year, benefited the company’s March sales
results and will likely negatively impact its April sales
results.
Comparable sales by global brand for March 2015 were as
follows:
- Gap Global: negative 7 percent
versus negative 7 percent last year
- Banana Republic Global: negative
3 percent versus negative 4 percent last year
- Old Navy Global: positive 14
percent versus negative 7 percent last year
Additional insight into Gap Inc.’s sales performance is
available by calling 1-800-GAP-NEWS (1-800-427-6397). International
callers may call 706-902-4949. The recording will be available at
approximately 1:00 p.m. Pacific Time on April 9, 2015 and available
for replay until 1:00 p.m. Pacific Time on April 17, 2015.
April Sales
The company will report April sales on Monday, May 11, 2015.
Forward-Looking Statements
This press release and related recording contain forward-looking
statements within the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. All statements other than
those that are purely historical are forward-looking statements.
Words such as “expect,” “anticipate,” “believe,” “estimate,”
“intend,” “plan,” “project,” and similar expressions also identify
forward-looking statements. Forward-looking statements include
statements regarding the following:
- the impact of the timing of the Easter
holiday on April sales results.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause the
company’s actual results to differ materially from those in the
forward-looking statements. These factors include, without
limitation, the following:
- the risk that changes in global
economic conditions or consumer spending patterns could adversely
impact the company’s results of operations;
- the highly competitive nature of the
company’s business in the United States and internationally;
- the risk that the company or its
franchisees will be unsuccessful in gauging apparel trends and
changing consumer preferences;
- the risk that if the company is unable
to manage its inventory effectively, its gross margins will be
adversely affected;
- the risks to the company’s business,
including its costs and supply chain, associated with global
sourcing and manufacturing;
- the risks to the company’s reputation
or operations associated with importing merchandise from foreign
countries, including failure of the company’s vendors to adhere to
its Code of Vendor Conduct;
- the risk that trade matters could
increase the cost or reduce the supply of apparel available to the
company and adversely affect its business, financial condition, and
results of operations;
- the risk that comparable sales and
margins will experience fluctuations; and
- the risk that natural disasters, public
health crises, political crises, or other catastrophic events could
adversely affect the company’s operations and financial results, or
those of the company’s franchisees or vendors.
Additional information regarding factors that could cause
results to differ can be found in the company’s Annual Report on
Form 10-K for the fiscal year ended January 31, 2015, as well as
the company’s subsequent filings with the Securities and Exchange
Commission.
These forward-looking statements are based on information as of
April 9, 2015. The company assumes no obligation to publicly update
or revise its forward-looking statements even if experience or
future changes make it clear that any projected results expressed
or implied therein will not be realized.
About Gap Inc.
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, Piperlime,
Athleta, and Intermix brands. Fiscal year 2014 net sales were $16.4
billion. Gap Inc. products are available for purchase in more than
90 countries worldwide through about 3,300 company-operated stores,
over 400 franchise stores, and e-commerce sites. For more
information, please visit www.gapinc.com.
Gap Inc.Investor Relations Contact:David Davick,
415-427-2164Investor_relations@gap.comMedia Relations
Contact:Liz Nunan, 415-427-5537Press@gap.com
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