Gap Inc. Reports Holiday Sales Results

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
http://www.gapinc.com/content/gapinc/html/media/pressrelease/2017/med_pr_010517_GPS_sales.html

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