Gap Inc. (GPS) November Comps up 2% vs Est up 0.7%
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Gap Inc. (NYSE: GPS) today reported that November 2013 net sales increased 8 percent compared with last year. Net sales for the four-week period ended November 30, 2013 were $1.63 billion compared with net sales of $1.52 billion for the four-week period ended November 24, 2012.
Gap Inc.’s comparable sales for November 2013 were up 2 percent versus a 3 percent increase for November 2012. Due to the 53rd week in fiscal year 2012, comparable sales for November 2013 are compared to the four-week period ended December 1, 2012.
(Est. called for Comps of 0.7%)
“We are pleased with how we competed and delivered in November, providing a seamless experience for our customers whether they shopped in stores, online or on their mobile devices,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
November Comparable Sales Results
Comparable sales by global brand for November 2013 were as follows:
Gap Global: positive 2 percent versus positive 4 percent last year
Banana Republic Global: negative 1 percent versus positive 3 percent last year
Old Navy Global: positive 3 percent versus positive 1 percent last year
The company noted that the difference between its 2 percent comparable sales increase and the 8 percent net sales growth is primarily attributed to the calendar shift in fiscal November 2013 versus fiscal 2012. The company expects a portion of this difference to reverse in December.
Gap Inc.’s comparable sales for November 2013 were up 2 percent versus a 3 percent increase for November 2012. Due to the 53rd week in fiscal year 2012, comparable sales for November 2013 are compared to the four-week period ended December 1, 2012.
(Est. called for Comps of 0.7%)
“We are pleased with how we competed and delivered in November, providing a seamless experience for our customers whether they shopped in stores, online or on their mobile devices,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
November Comparable Sales Results
Comparable sales by global brand for November 2013 were as follows:
Gap Global: positive 2 percent versus positive 4 percent last year
Banana Republic Global: negative 1 percent versus positive 3 percent last year
Old Navy Global: positive 3 percent versus positive 1 percent last year
The company noted that the difference between its 2 percent comparable sales increase and the 8 percent net sales growth is primarily attributed to the calendar shift in fiscal November 2013 versus fiscal 2012. The company expects a portion of this difference to reverse in December.
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