March 7, 2014
Severe weather that persisted during the year’s shortest month affected Gap’s February sales results.
The company reported net sales for the four-week period ended March 1 of $929 million, compared with net sales of $966 million for the four-week period ended March 2, 2013. Comparable-store sales for the month declined 7%, versus last year’s 3% increase.
“While February was clearly a difficult month, we remain focused on executing our global priorities,” said chairman and CEO Glenn Murphy.
Comparable sales by global brand for the month were as follows:
- Gap: down 10% versus last year’s 2% increase
- Banana Republic: down 7% versus last year’s 5% decrease
- Old Navy: down 6% versus last year’s 6% increase
The company said that more than 450 stores had to close during February due to weather.
In line with its strategic priorities, the company is preparing to open its first Gap store in Taiwan. The brand expects to end fiscal year 2014 with more than 100 Gap stores across the Greater China region.
Gap will report March sales April 10.
Source: Retailing Today
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