Gap Inc. Reports Holiday Sales Results
January 05 2017 - 4:15PM
Business Wire
Gap Inc. (NYSE:GPS) today reported that net sales were up 1
percent and comparable sales were positive 2 percent for the
November and December 2016 holiday season, compared with last
year.
“We're pleased with the improved momentum we saw over the
holiday season, driven primarily by a positive customer response at
Gap and Old Navy,” said Sabrina Simmons, chief financial officer,
Gap Inc. “Based on these results, we now expect full-year adjusted
earnings per share to be modestly above the high end of our
previous adjusted guidance range of $1.92.“
December Sales Results
Gap Inc.’s net sales for the five-week period ended December 31,
2016 increased 3 percent to $2.07 billion, compared with net sales
of $2.01 billion for the five-week period ended January 2,
2016.
The company’s comparable sales for December 2016 were up 4
percent versus a 5 percent decrease last year. Comparable sales by
global brand for December 2016 were as follows:
- Gap Global: positive 1 percent
versus negative 2 percent last year
- Banana Republic Global: negative
7 percent versus negative 9 percent last year
- Old Navy Global: positive 12
percent versus negative 7 percent last year
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 January 5, 2017 and
available for replay until 1:15 p.m. Pacific Time on January 13,
2017.
January Sales
The company will report January sales at 1:15 p.m. Pacific Time
on Monday, February 6, 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:
- earnings per share for fiscal year
2016.
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 changes in global
economic conditions or consumer spending patterns could adversely
impact our results of operations;
- the highly competitive nature of our
business in the United States and internationally;
- the risk that foreign currency exchange
rate fluctuations could adversely impact our financial results;
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
January 5, 2017. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170105006337/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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