August 8, 2014
Gap posted positive comps in July for the four-week period ended August 2, buoyed by sales at Banana Republic; but preliminary second quarter results show that comparable store sales were flat compared to the same period last year.
Net sales in July increased 5% to $1.17 billion compared with net sales of $1.12 billion for the four-week period ended August 3. For the second quarter, Gap Inc.’s net sales increased 3% to $3.98 billion compared with $3.87 billion for the second quarter last year.
“We’re pleased to close out the first half of the year with a positive comp in July and look forward to the new product and marketing campaigns our brands will launch this fall,” chairman and CEO Glenn Murphy said.
Comparable sales for July were up 2% versus a 1% increase last year. Broken down by global brand, comparable sales for Gap decreased 2%, compared to a 7% increase last year; comparable sales at Banana Republic increased 6%, compared to a 1% decrease last year; and comparable sales at Old Navy increased 3%, compared to a 5% decrease last year.
For the second quarter so far, comparable sales are flat versus a 5% increase last year. Broken down by global brand, comparable sales for Gap decreased 5%, compared to a 6% increase last year; comparable sales at Banana Republic stayed flat versus a 1% decrease last year; and comparable sales at Old Navy increased 4%, compared to a 6% increase last year.
Gap will release its complete second quarter earnings results August 21 and August sales results September 4.
Source: Retailing Today
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