Gap (GPS) March Comps Down 1%, Versus Expected 2% Decrease
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Gap, Inc. (NYSE: GPS) said comparable sales for March 2013 were down 1 percent compared with an 8 percent increase for March 2012. The consensus was calling for a 2 percent decrease. Due to the 53rd week in fiscal year 2012, March 2013 comparable sales are compared to the five-week period ended April 7, 2012.
Net sales for the five-week period ended April 6, 2013 were $1.56 billion compared with net sales of $1.46 billion for the five-week period ended March 31, 2012.
The company noted that the difference between its 1 percent comparable sales decrease and the 7 percent net sales growth is primarily attributable to the calendar shift of weeks in fiscal March 2013 versus fiscal 2012.
“Overall, we’re pleased with the month and are focused on selling our strong spring product to customers across all brands and channels globally," said Glenn Murphy, chairman and chief executive officer of Gap Inc.
Net sales for the five-week period ended April 6, 2013 were $1.56 billion compared with net sales of $1.46 billion for the five-week period ended March 31, 2012.
The company noted that the difference between its 1 percent comparable sales decrease and the 7 percent net sales growth is primarily attributable to the calendar shift of weeks in fiscal March 2013 versus fiscal 2012.
“Overall, we’re pleased with the month and are focused on selling our strong spring product to customers across all brands and channels globally," said Glenn Murphy, chairman and chief executive officer of Gap Inc.
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