Net sales in Q1 FY16, ended April 30, stood at $3,438 million at Gap as compared to $3,657 million in the corresponding quarter last fiscal. Net income fell to $127 million as compared to $239 million in the previous fiscal, ended May 2, 2015.
In order to better align talent and financial resources, the company announced to focus only on geographies with greatest potential. As a result, Old Navy expects to close 53 stores in Japan in fiscal 2016. Select Banana Republic stores are also expected to close in fiscal 2016, primarily internationally.
Old Navy's near-term growth ambitions will be anchored in North America, including its most recent debut of company-operated stores in Mexico, as well as China and its global franchise operations.
Japan remains an important market for Gap's portfolio, with a continued strong presence of more than 200 Gap and Banana Republic stores.
Additionally, the company will also take steps to create a more efficient global brand structure, enabling its portfolio of brands to fully leverage its scale advantage and move even faster in anticipating and responding to the ever-changing environment and needs of customers. (MCJ)
Fibre2Fashion News Desk - India
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