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Spring products perform well at Gap in Q1 FY'12
04 May '12
2 min read
Gap Inc. reported that net sales for the first quarter of fiscal 2012 increased 6 percent compared with last year, and April 2012 net sales were flat compared with last year.
Net sales for the first quarter, which ended April 28, 2012, increased 6 percent to $3.49 billion compared with $3.30 billion for the first quarter last year. The company's first quarter comparable sales, which include the associated comparable online sales, were up 4 percent compared with a 3 percent decrease in the first quarter last year.
“We delivered a solid first quarter as spring product continued to do well across all brands,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
In addition, net sales were $1.15 billion for each of the four-week periods ended April 28, 2012 and April 30, 2011. The company's comparable sales for April 2012, which include the associated comparable online sales, were down 2 percent compared with an 8 percent increase in April 2011.
First Quarter Guidance
The company expects diluted earnings per share for the first quarter of fiscal year 2012 to be in the range of $0.44 to $0.46. As a result of sales performance, the company expects inventory dollars per store at the end of the first quarter to be below its previous guidance of about flat on a year-over-year basis.
First Quarter Comparable Sales Results
Comparable sales for the first quarter of fiscal year 2012, including the associated comparable online sales, were as follows:
• Gap North America: positive 5 percent versus negative 3 percent last year
• Banana Republic North America: positive 5 percent versus negative 1 percent last year
• Old Navy North America: positive 4 percent versus negative 2 percent last year
• International: negative 4 percent versus negative 6 percent last year
Gap Inc. is a leading global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands.
Net sales for the first quarter, which ended April 28, 2012, increased 6 percent to $3.49 billion compared with $3.30 billion for the first quarter last year. The company's first quarter comparable sales, which include the associated comparable online sales, were up 4 percent compared with a 3 percent decrease in the first quarter last year.
“We delivered a solid first quarter as spring product continued to do well across all brands,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
In addition, net sales were $1.15 billion for each of the four-week periods ended April 28, 2012 and April 30, 2011. The company's comparable sales for April 2012, which include the associated comparable online sales, were down 2 percent compared with an 8 percent increase in April 2011.
First Quarter Guidance
The company expects diluted earnings per share for the first quarter of fiscal year 2012 to be in the range of $0.44 to $0.46. As a result of sales performance, the company expects inventory dollars per store at the end of the first quarter to be below its previous guidance of about flat on a year-over-year basis.
First Quarter Comparable Sales Results
Comparable sales for the first quarter of fiscal year 2012, including the associated comparable online sales, were as follows:
• Gap North America: positive 5 percent versus negative 3 percent last year
• Banana Republic North America: positive 5 percent versus negative 1 percent last year
• Old Navy North America: positive 4 percent versus negative 2 percent last year
• International: negative 4 percent versus negative 6 percent last year
Gap Inc. is a leading global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands.
Gap Inc
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