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Gap reports 6.79% dip in Q4FY16 sales
09
Feb '16
For the three months ended January 30, 2015, net sales at apparel marketer Gap Inc. dipped 6.79 per cent to $4.39 billion compared with $4.71 billion for the fourth quarter last fiscal.

Gap's comparable sales for the fourth quarter of fiscal 2016 too were down 7 per cent versus a positive 2 per cent in the same quarter of fiscal 2016.

Comparable sales for Gap Global brand was a negative 3 per cent as against negative 6 per cent in the fiscal ago period, while for Banana Republic Global, it was negative 14 per cent vis-à-vis positive 1 per cent.

Old Navy Global too reported a negative 8 per cent comparable sales growth in the reporting quarter compared to a positive 11 per cent in the fourth fiscal of 2015.

“On a constant currency basis, Gap net sales decreased 5 per cent year over year for the fourth quarter of fiscal 2016,” the company said in a press release.

“In calculating net sales growth on a constant currency basis, current year foreign exchange rates are applied to both current year and prior year net sales,” the US based apparel marketer explained.

“This is done to enhance the visibility of underlying business trends, excluding the impact of foreign currency exchange rate fluctuations,” it observed.

Net sales for the four week period ended January 30, 2016 were $813 million compared with net sales of $888 million for the four-week period ended January 31, 2015.

Comparable sales for January 2016 were down 8 per cent versus negative 3 per cent in the same month of the previous fiscal.

For the fourth quarter of fiscal 2016, Gap now expects adjusted diluted earnings per share to be in the range of $0.56 to $0.57.

The company narrowed its full-year adjusted diluted earnings per share guidance range for fiscal 2016 to $2.41 to $2.42, excluding the one-time negative impact of about $0.20 per diluted share.

“We are pleased to guide to the high end of our previously announced full-year earnings per share range,” said Sabrina Simmons, chief financial officer of Gap Inc.

“As we kick-off fiscal year 2016, our brands look forward to introducing their new Spring collections to customers,” Simmons too added. (AR)

Fibre2Fashion News Desk – India

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