The nonpartisan Government Accountability Office (GAO) has come to us requesting specific company information about how our members have been impacted since the Supreme Court decision in South Dakota v. Wayfair in June 2018. This study will go to Members of Congress and will help make the case for legislative relief from the punishing complexity, cost and liabilities being imposed on remote sellers. So far, several members of ACMA's Tax Committee have stepped up with their case studies, showing in detail the kind of financial hardship the Wayfair decision has had on their businesses. Please help with our goal being to get Federal legislation passed so you don't have more than dozens of states chasing after you for back taxes, audits, and other liabilities. Our help in this crucial GAO report will go a long way toward reaching this vital goal. Click read more below for important directions to share your input.
Gap Inc. (NYSE: GPS) today reported that net sales were up 1 percent and comparable sales were positive 2 percent for the November and December 2016 holiday season, compared with last year.
“We’re pleased with the improved momentum we saw over the holiday season, driven primarily by a positive customer response at Gap and Old Navy,” said Sabrina Simmons, chief financial officer, Gap Inc. “Based on these results, we now expect full-year adjusted earnings per share to be modestly above the high end of our previous adjusted guidance range of $1.92.”
Gap Inc.’s net sales for the five-week period ended December 31, 2016 increased 3 percent to $2.07 billion, compared with net sales of $2.01 billion for the five-week period ended January 2, 2016.
The company’s comparable sales for December 2016 were up 4 percent versus a 5 percent decrease last year. Comparable sales by global brand for December 2016 were as follows:
•Gap Global: positive 1 percent versus negative 2 percent last year
•Banana Republic Global: negative 7 percent versus negative 9 percent last year
•Old Navy Global: positive 12 percent versus negative 7 percent last year