Gap Inc. reported that net sales for the fourth quarter of fiscal year 2012, which ended February 2, 2013, were $4.73 billion compared with $4.28 billion for the fourth quarter last year. The company’s comparable sales for the fourth quarter of fiscal year 2012 were up 5 percent compared with a 4 percent decrease in the fourth quarter last year.
The company noted that fiscal year 2012 had 53 weeks versus 52 weeks in fiscal year 2011. As a result, net sales for January 2013, the fourth quarter of fiscal year 2012, and fiscal year 2012 include the additional week, while comparable sales exclude the 53rd week.
“We’re pleased with the continued momentum in the business across all our brands in North America,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “As we transition to 2013, our focus remains on delivering compelling product in order to sustain our positive sales performance.”
Fourth Quarter Comparable Sales Results
-Gap North America: positive 4 percent versus negative 3 percent last year
-Banana Republic North America: positive 3 percent versus flat last year
-Old Navy North America: positive 8 percent versus negative 6 percent last year
-International: negative 2 percent versus negative 8 percent last year
Fiscal Year 2012 Sales Results
Net sales were $15.65 billion for the 53 weeks ended February 2, 2013 compared with net sales of $14.55 billion for the 52 weeks ended January 28, 2012. The company’s comparable sales for fiscal year 2012 increased 5 percent compared with a 4 percent decrease last year.