Gap Inc. said its same-store sales for March rose more than
expected, as an early Easter and strong sales at Old Navy stores
offset weakness in namesake and Banana Republic brands.
Sales at stores open at least a year rose 2%. Analysts,
according to Thomson Reuters, expected a 0.6% increase in total
sales.
While the earlier timing of Easter helped March results, the
retailer said it is in turn likely to hurt April sales.
At Old Navy, sales surged 14%. A year-earlier, sales in the
segment fell 7%.
"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,
Gap's Chief Financial Officer.
Sales at namesake stores dropped 7%, which matched the prior
year's rate of decline. At Banana Republic, sales fell 3% in March,
a slight improvement from the year-earlier 4% decline.
Total sales for the five weeks ended April 4 rose 1% to $1.53
billion, up modestly from $1.51 billion in the year-earlier
period.
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