Gap, Inc. (GPS) Nov. Comps Fell More than Expected
- Unemployment Rate Drops to 4.6%
- Unusual 11 Mid-Day Movers 12/2: (ASNA) (HTBX) (REPH) Higher; (PLX) (MEMP) (DRYS) Lower
- Bond yields fall on U.S. jobs data, euro flat before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Gap Inc. (NYSE: GPS) reported that net sales for the four-week period ended November 26, 2016 were $1.53 billion compared with net sales of $1.57 billion for the four-week period ended November 28, 2015.
“While November traffic trends remained challenging, we are encouraged that performance improved in the back half of the month and we remain focused on executing our holiday plans,” said Sabrina Simmons, chief financial officer, Gap Inc.
November Comparable Sales Results
Gap Inc.’s comparable sales for November 2016 were down 1 percent versus an 8 percent decrease last year. (NOTE: The Street was looking for a drop of 0.4 percent.) The company estimated that the fire, which occurred in a building on its Fishkill, New York distribution center campus, negatively impacted Gap Inc.’s November 2016 comparable sales by approximately 3 percentage points. Additionally, the company noted that the majority of the fire-related negative impact to comparable sales during the fourth quarter of fiscal year 2016 occurred in November.
Comparable sales by global brand for November 2016 were as follows:
- Gap Global: negative 3 percent, including an estimated negative impact from the Fishkill distribution center fire of approximately 4 percentage points, versus negative 4 percent last year
- Banana Republic Global: positive 5 percent, including an estimated negative impact from the Fishkill distribution center fire of approximately 3 percentage points, versus negative 19 percent last year
- Old Navy Global: negative 2 percent, including an estimated negative impact from the Fishkill distribution center fire of approximately 1 percentage point, versus negative 9 percent last year
Gap Inc. noted that the estimated impact to comparable sales from the Fishkill distribution center fire was calculated by applying the forecasted merchandise margin rate before the fire occurred to the units that the company believed would have been sold in November.
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 December 1, 2016 and available for replay until 1:15 p.m. Pacific Time on December 9, 2016.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- PICO Holdings (PICO) Announces Leadership, Governance Changes; Terminates Central Square Agreement
- Ascena Retail Group (ASNA) Misses Q1 EPS by 2c, Comps Fall 5%
- Mizuho Securities Adjusts Estimates Following Gap, Inc. (GPS) Comp Miss
Create E-mail Alert Related CategoriesCorporate News, Guidance, Retail Sales
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!