Gap Inc. Reports August Sales Results
September 03 2015 - 4:00PM
Business Wire
Gap Inc. (NYSE: GPS) today reported that net sales for the
four-week period ended August 29, 2015 decreased 3 percent to $1.20
billion compared with net sales of $1.23 billion for the four-week
period ended August 30, 2014.
On a constant currency basis, August 2015 net sales were flat
compared with last year. In calculating the net sales change on a
constant currency basis, current year foreign exchange rates are
applied to both current year and prior year net sales. This is done
to enhance the visibility of underlying sales trends, excluding the
impact of foreign currency exchange rate fluctuations.
“We’re pleased that Old Navy delivered another strong month of
positive comps driven by a healthy back-to-school business, as we
remain focused on improving product performance across our
portfolio,” said Sabrina Simmons, chief financial officer, Gap
Inc.
August Comparable Sales Results
Gap Inc.’s comparable sales for August 2015 were down 2 percent
versus a 2 percent decrease last year. Comparable sales by global
brand for August 2015 were as follows:
- Gap Global: negative 8 percent
versus negative 6 percent last year
- Banana Republic Global: negative
11 percent versus negative 2 percent last year
- Old Navy Global: positive 6
percent versus positive 2 percent last year
The company noted that this year’s Labor Day holiday is one week
later, as compared to last year, offsetting the benefit from the
shift of tax-free holidays in a number of states from July last
year to August this 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 September 3, 2015 and
available for replay until 1:00 p.m. Pacific Time on September 11,
2015.
September Sales
The company will report September sales on October 8, 2015.
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, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150903006421/en/
Gap Inc.Investor Relations Contact:Jack Calandra,
415-427-1726Investor_relations@gap.comorMedia Relations
Contact:Kari Shellhorn, 415-427-1805Press@gap.com
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