Gap Inc. Reports November Sales Results
December 01 2016 - 4:15PM
Business Wire
Gap Inc. (NYSE: GPS) today reported that net sales for the
four-week period ended November 26, 2016 were $1.53 billion
compared with net sales of $1.57 billion for the four-week period
ended November 28, 2015.
“While November traffic trends remained challenging, we are
encouraged that performance improved in the back half of the month
and we remain focused on executing our holiday plans,” said Sabrina
Simmons, chief financial officer, Gap Inc.
November Comparable Sales Results
Gap Inc.’s comparable sales for November 2016 were down 1
percent versus an 8 percent decrease last year. The company
estimated that the fire, which occurred in a building on its
Fishkill, New York distribution center campus, negatively impacted
Gap Inc.’s November 2016 comparable sales by approximately 3
percentage points. Additionally, the company noted that the
majority of the fire-related negative impact to comparable sales
during the fourth quarter of fiscal year 2016 occurred in
November.
Comparable sales by global brand for November 2016 were as
follows:
- Gap Global: negative 3 percent,
including an estimated negative impact from the Fishkill
distribution center fire of approximately 4 percentage points,
versus negative 4 percent last year
- Banana Republic Global: positive
5 percent, including an estimated negative impact from the Fishkill
distribution center fire of approximately 3 percentage points,
versus negative 19 percent last year
- Old Navy Global: negative 2
percent, including an estimated negative impact from the Fishkill
distribution center fire of approximately 1 percentage point,
versus negative 9 percent last year
Gap Inc. noted that the estimated impact to comparable sales
from the Fishkill distribution center fire was calculated by
applying the forecasted merchandise margin rate before the fire
occurred to the units that the company believed would have been
sold in November.
Additional insight into Gap Inc.’s sales performance is
available by calling 1-800-GAP-NEWS (1-800-427-6397). International
callers may call 706-902-4949. The recording will be available at
approximately 1:15 p.m. Pacific Time on December 1, 2016 and
available for replay until 1:15 p.m. Pacific Time on December 9,
2016.
December Sales
The company will report December sales at 1:15 p.m. Pacific Time
on January 5, 2017.
Forward-Looking Statements
This press release and related sales recording contain
forward-looking statements within the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. All
statements other than those that are purely historical are
forward-looking statements. Words such as "expect," "anticipate,"
"believe," "estimate," "intend," "plan," "project," and similar
expressions also identify forward-looking statements.
Forward-looking statements include statements regarding:
- the impact of the fire at our Fishkill
distribution center.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause the
company's actual results to differ materially from those in the
forward-looking statements. These factors include, without
limitation, the following:
- the risk that if we are unable to
manage our inventory effectively, our gross margins will be
adversely affected; and
- the risk that comparable sales and
margins will experience fluctuations.
Additional information regarding factors that could cause
results to differ can be found in the company’s Annual Report on
Form 10-K for the fiscal year ended January 30, 2016, as well as
the company’s subsequent filings with the Securities and Exchange
Commission.
These forward-looking statements are based on information as of
December 1, 2016. The company assumes no obligation to publicly
update or revise its forward-looking statements even if experience
or future changes make it clear that any projected results
expressed or implied therein will not be realized.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing,
accessories, and personal care products for men, women, and
children under the Gap, Banana Republic, Old Navy, Athleta, and
Intermix brands. Fiscal year 2015 net sales were $15.8 billion. Gap
Inc. products are available for purchase in more than 90 countries
worldwide through about 3,300 company-operated stores, about 450
franchise stores, and e-commerce sites. For more information,
please visit www.gapinc.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161201006327/en/
Gap Inc.Investor Relations Contact:Tina Romani,
415-427-5264Investor_relations@gap.comorMedia Relations
Contact:Jennifer Poppers, 415-427-1729Press@gap.com
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