Gap Inc. (GPS) September Comps Down 3% vs Up 1.8% Expected
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Gap Inc. (NYSE: GPS) today reported that September 2013 net sales were flat compared with last year. Net sales for the five-week period ended October 5, 2013 were $1.46 billion compared with net sales of $1.45 billion for the five-week period ended September 29, 2012.
“While September proved to be somewhat challenging, we remain steadfast in our commitment to deliver on our full-year goals,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
Due to the 53rd week in fiscal year 2012, September 2013 comparable sales are'compared to the five-week period ended October 6, 2012. On this basis, Gap Inc.’s comparable sales for September 2013 were down 3 percent versus a 6 percent increase for September 2012.
Comparable sales by global brand for September 2013 were as follows:
Gap Global: negative 3 percent versus positive 3 percent last year
Banana Republic Global: negative 5 percent versus positive 4 percent last year
Old Navy Global: negative 2 percent versus positive 10 percent last year
“While September proved to be somewhat challenging, we remain steadfast in our commitment to deliver on our full-year goals,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
Due to the 53rd week in fiscal year 2012, September 2013 comparable sales are'compared to the five-week period ended October 6, 2012. On this basis, Gap Inc.’s comparable sales for September 2013 were down 3 percent versus a 6 percent increase for September 2012.
Comparable sales by global brand for September 2013 were as follows:
Gap Global: negative 3 percent versus positive 3 percent last year
Banana Republic Global: negative 5 percent versus positive 4 percent last year
Old Navy Global: negative 2 percent versus positive 10 percent last year
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