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Net income dips 27.09% in FY15 at Gap
27
Feb '16
Courtesy: Gap Inc
Courtesy: Gap Inc
Gap Inc, a US based retailing giant for apparel and accessories, posted 27.09 per cent drop in its net income to $920 million in the fiscal year 2015, ending on January 30, 2016, as compared to $1,262 million in the corresponding period last fiscal, according to a press statement released by the  retailer.

Diluted EPS at Gap was $2.23 in FY15 as compared to $2.87 in FY14, ending on January 31, 2015. This represents a fall of 22.29 per cent in the retailer's diluted EPS.

Gross profit for the period fell by 9.04 per cent to $5,720 million as compared to $6,289 million in the same period last fiscal.

Net sales were posted to be $15,797 million in fiscal 2015 as compared to $16,435 million in the prior fiscal, a fall of 3.88 per cent.

Commenting on the results, Art Peck, CEO of Gap Inc said, “We made significant progress in 2015 transforming our product operating model, enabling us to be more responsive to trends and market conditions and consistently deliver on-brand product collections.”

“With a year of transition behind us, I am confident that we have the right strategies in place to fuel our long-term growth,” he added. (MCJ)

Fibre2Fashion News Desk - India

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