Gap (GPS) December Comps Up 1%; Reaffirms FY13 EPS Outlook
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Gap, Inc. (NYSE: GPS) announced positive 1 percent comparable sales and positive 2 percent net sales growth for the November and December 2013 holiday shopping season, compared with last year.
Due to the 53rd week in fiscal year 2012, comparable sales for the combined months of November and December 2013 are compared to the nine-week period ended January 5, 2013. Net sales for the nine-week period ended January 4, 2014 were $3.68 billion compared with net sales of $3.59 billion for the nine-week period ended December 29, 2012.
During the third quarter earnings announcement, the company reaffirmed its full-year earnings per share guidance range of $2.57 to $2.65 for fiscal 2013. Having completed the majority of the holiday season, today the company noted that it is comfortable delivering at the high end of this range.
“We delivered solid overall performance across our global brands this holiday season, on top of last year’s strong results,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
Gap Inc.’s comparable sales for December 2013 were flat versus a 5 percent increase for December 2012. Due to the 53rd week in fiscal year 2012, comparable sales for December 2013 are compared to the five-week period ended January 5, 2013.
The company reported that net sales for the five-week period ended January 4, 2014 were $2.05 billion compared with net sales of $2.08 billion for the five-week period ended December 29, 2012.
December Comparable Sales Results
Comparable sales by global brand for December 2013 were as follows:
-- Gap Global: positive 1 percent versus flat last year
-- Banana Republic Global: flat versus positive 1 percent last year
-- Old Navy Global: negative 2 percent versus positive 13 percent last year
Due to the 53rd week in fiscal year 2012, comparable sales for the combined months of November and December 2013 are compared to the nine-week period ended January 5, 2013. Net sales for the nine-week period ended January 4, 2014 were $3.68 billion compared with net sales of $3.59 billion for the nine-week period ended December 29, 2012.
During the third quarter earnings announcement, the company reaffirmed its full-year earnings per share guidance range of $2.57 to $2.65 for fiscal 2013. Having completed the majority of the holiday season, today the company noted that it is comfortable delivering at the high end of this range.
“We delivered solid overall performance across our global brands this holiday season, on top of last year’s strong results,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
Gap Inc.’s comparable sales for December 2013 were flat versus a 5 percent increase for December 2012. Due to the 53rd week in fiscal year 2012, comparable sales for December 2013 are compared to the five-week period ended January 5, 2013.
The company reported that net sales for the five-week period ended January 4, 2014 were $2.05 billion compared with net sales of $2.08 billion for the five-week period ended December 29, 2012.
December Comparable Sales Results
Comparable sales by global brand for December 2013 were as follows:
-- Gap Global: positive 1 percent versus flat last year
-- Banana Republic Global: flat versus positive 1 percent last year
-- Old Navy Global: negative 2 percent versus positive 13 percent last year
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