Gap Inc. reported net sales for the four-week period ended March 1, 2014 were $929 million compared with net sales of $966 million for the four-week period ended March 2, 2013. Gap Inc.’s comparable sales for February 2014 were down 7 percent versus a 3 percent increase last year.
“While February was clearly a difficult month, we remain focused on executing our global priorities,” said Glenn Murphy, chairman and chief executive officer, Gap Inc.
February Comparable Sales Results
Comparable sales by global brand for February 2014 were as follows:
-Gap Global: negative 10 percent versus positive 2 percent last year
-Banana Republic Global: negative 7 percent versus negative 5 percent last year
-Old Navy Global: negative 6 percent versus positive 6 percent last year
The company noted that more than 450 stores experienced closures during February due to weather. The company also noted that February typically represents the smallest month of the first quarter. The management team continues to focus on delivering its full year goals, as outlined during last week’s quarterly earnings announcement.
In line with its strategic priorities, the company today announced the opening of its first Gap store in Taiwan. The brand expects to end fiscal year 2014 with more than 100 Gap stores across the Greater China region.