Gap, Inc. (GPS) Reports 3% Drop in Comps for August 2016
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Gap Inc. (NYSE: GPS) reported that net sales for the four-week period ended August 27, 2016 decreased 2 percent to $1.17 billion compared with net sales of $1.20 billion for the four-week period ended August 29, 2015.
“While we are pleased with the continued progress at Old Navy, we remain focused on improving results across our global brands,” said Sabrina Simmons, chief financial officer, Gap Inc.
August Comparable Sales Results
Gap Inc.’s comparable sales for August 2016 were down 3 percent versus a 2 percent decrease last year. (The Street was looking for a drop of 3.6 percent.) Comparable sales by global brand for August 2016 were as follows:
- Gap Global: negative 5 percent versus negative 8 percent last year
- Banana Republic Global: negative 10 percent versus negative 11 percent last year
- Old Navy Global: positive 1 percent versus positive 6 percent last year
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 September 1, 2016 and available for replay until 1:15 p.m. Pacific Time on September 9, 2016.
Fishkill Distribution Center Campus Fire
Gap Inc. is currently assessing the impact from a fire that recently occurred in a building located on its Fishkill, New York distribution center campus. The company has activated extensive contingency plans designed to help mitigate the overall impact to the business, including leveraging its North American network of distribution centers and ship-from-store capabilities. Further information is available on the Financial News and Events page accessible at www.gapinc.com/investors.
The company will report September sales at 1:15 p.m. Pacific Time on October 6, 2016.
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