Gap Inc. Reports January and Fourth Quarter Results

Gap Inc. (NYSE: GPS) today reported that net sales for the fourweek period ended January 28, 2017 increased 2 percent to $828 million compared with net sales of $813 million for the four-week period ended January 30, 2016. For the fourth quarter of fiscal year 2016, Gap Inc.’s net sales increased 1 percent to $4.43 billion compared with $4.39 billion for the fourth quarter last year.

“Against a challenging retail backdrop, we’re pleased to report growth in our top-line and comp sales during the critical holiday quarter,” said Art Peck, chief executive officer, Gap Inc. “We remain focused on actions that will strengthen our brands and recapture market share.”

January Comparable Sales Results:
Gap Inc.’s comparable sales for January 2017 were up 1 percent compared with a decline of 8 percent last year. Comparable sales by global brand for January 2017 were as follows:
* Old Navy Global: positive 2 percent versus negative 6 percent last year * Gap Global: positive 3 percent versus negative 6 percent last year * Banana Republic Global: negative 4 percent versus negative 17 percent last year

Fourth Quarter Comparable Sales Results:
Gap Inc.’s comparable sales for the fourth quarter of fiscal year 2016 were up 2 percent compared with a decline of 7 percent last year. Comparable sales by global brand for the fourth quarter were as follows:
* Old Navy Global: positive 5 percent versus negative 8 percent last year * Gap Global: flat versus negative 3 percent last year * Banana Republic Global: negative 3 percent versus negative 14 percent last year
http://www.gapinc.com/content/dam/gapincsite/documents/Press%20Releases/GPS_Jan2017_SPR_FINAL.pdf

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