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Spring products perform well at Gap in Q1 FY'12
04
May '12
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.

Gap Inc

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