Gap, Inc. (GPS) Nov./Dec. Comps Increase 2%; Sees FY EPS Above High End of Range

Gap (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.“

December Sales Results

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

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 January 5, 2017 and available for replay until 1:15 p.m. Pacific Time on January 13, 2017.

January Sales

The company will report January sales at 1:15 p.m. Pacific Time on Monday, February 6, 2017.

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