Gap Inc. Reports May Sales Results
03 June 2016 - 6:15AM
Business Wire
Gap Inc. (NYSE: GPS) today reported that net sales for the
four-week period ended May 28, 2016 decreased 5 percent to $1.18
billion, compared with net sales of $1.25 billion for the four-week
period ended May 30, 2015. Gap Inc.’s comparable sales for May 2016
were down 6 percent versus a 1 percent decrease last year.
“As we move into the second quarter, we are continuing to make
progress against our recently announced measures while maintaining
the financial discipline we are known for,” said Sabrina Simmons,
chief financial officer, Gap Inc.
Comparable sales by global brand for May 2016 were as
follows:
- Gap Global: negative 3 percent
versus negative 6 percent last year
- Banana Republic Global: negative
11 percent versus negative 5 percent last year
- Old Navy Global: negative 7
percent versus positive 6 percent last year
The company noted that while the overall month was challenging,
performance improved leading into the Memorial Day holiday
weekend.
As previously noted, the Sunday and Monday of the Memorial Day
holiday fell in the fiscal month of June this year versus May last
year, negatively impacting May sales results and benefitting
June.
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 1:15 p.m. Pacific Time on June 2, 2016 and available
for replay until 1:15 p.m. Pacific Time on June 10, 2016.
June Sales
The company will report June sales at 1:15 p.m. Pacific Time on
July 7, 2016.
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 2015 net sales were $15.8 billion. Gap
Inc. products are available for purchase in more than 90 countries
worldwide through about 3,300 company-operated stores, about 450
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/20160602006355/en/
Gap Inc.Investor Relations Contact:Jack Calandra,
415-427-1726Investor_relations@gap.comorMedia Relations
Contact:Jennifer Poppers, 415-427-1729Press@gap.com
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