Gap Same-Store Sales Improve During Holiday Season
January 05 2017 - 5:43PM
Dow Jones News
By Anne Steele
Gap Inc. reported same-store sales rose during the holiday
season, reversing a string of declines, amid improvement at its
namesake and Old Navy clothing lines, and boosted its earnings
guidance for the year.
Comparable sales for the November and December period climbed 2%
from a year earlier.
Gap's shares, which have tumbled 12% over the past 12 months
through Thursday's close, added back 9.7% after hours to
$25.50.
"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 Chief Financial Officer Sabrina
Simmons.
She said the company now expects full-year adjusted earnings per
share to come in modestly above the high end of the previous
guidance range of $1.92.
For the December month, the company's comparable sales increased
4% versus a 5% decrease in the year-earlier period. Same-store
sales at its Gap and Old Navy brands rose 1% and 12%, respectively,
and fell 7% at Banana Republic.
Overall revenue for the five-week period ended Dec. 31 rose 3%
to $2.07 billion.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
January 05, 2017 17:28 ET (22:28 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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