In addition, net sales for the third quarter, which ended November 2, 2013, were $3.98 billion compared with $3.86 billion for the third quarter last year.
"All three of our global brands delivered positive comps for October," said Glenn Murphy, chairman and chief executive officer of Gap Inc. "Additionally, we are pleased with our guidance of earnings per share growth over last year."
Third Quarter Comparable Sales Results
Comparable sales by global brand for the third quarter of fiscal year 2013 were as follows:
- Gap Global: positive 1 percent versus positive 4 percent last year
- Banana Republic Global: negative 1 percent versus positive 5 percent last year
- Old Navy Global: flat versus positive 9 percent last year
Third Quarter Guidance
For the third quarter of fiscal year 2013, the company expects diluted earnings per share to be in the range of $0.70 to $0.71, compared to diluted earnings per share for the third quarter of fiscal year 2012 of $0.63.
The company reaffirms its prior inventory guidance, with inventory dollars per store at the end of the third quarter of fiscal year 2013 expected to be up in the mid-single digits. The company also notes that third quarter merchandise margins are expected to be below last year.
Additional insight into Gap Inc.’s sales performance is available by calling 1-800-GAP-NEWS (1-800-427-6397). International callers may call 706-902-4949. The recording will be available at approximately 1:00 p.m. Pacific Time on November 7, 2013 and available for replay until 1:00 p.m. Pacific Time on November 15, 2013.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands.
Fiscal year 2012 net sales were $15.7 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,100 company-operated stores, over 300 franchise stores, and e-commerce sites.
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