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Gap April net sales climb 10% to $1.33bn

May 09, 2014 (United States Of America)

Gap Inc. reported that April net sales increased 10 percent to $1.33 billion for the four-week period ended May 3, 2014 versus $1.21 billion last year. Gap Inc.’s comparable sales for April 2014 were up 9 percent versus a 7 percent increase last year.
 
For the first quarter of fiscal year 2014, Gap Inc.’s net sales increased 1 percent to $3.77 billion versus $3.73 billion last year. The company’s comparable sales for the first quarter of fiscal year 2014 decreased 1 percent versus a 2 percent increase last year.
 
“We are pleased with our execution overall in April, especially at Old Navy,” said Glenn Murphy, chairman and chief executive officer, Gap Inc.
 
April Comparable Sales Results
Comparable sales by global brand for April 2014 were as follows:
-Gap Global: positive 3 percent versus positive 8 percent last year
-Banana Republic Global: positive 7 percent versus positive 1 percent last year
-Old Navy Global: positive 18 percent versus positive 9 percent last year]
 
First Quarter Comparable Sales Results
Comparable sales by global brand for the first quarter of fiscal year 2014 were as follows:
-Gap Global: negative 5 percent versus positive 3 percent last year
-Banana Republic Global: negative 1 percent versus flat last year
-Old Navy Global: positive 1 percent versus positive 3 percent last year
 
First Quarter Guidance
The company expects diluted earnings per share for the first quarter of fiscal year 2014 to be in the range of $0.56 to $0.57.  
 
The company expects that for the first quarter of fiscal year 2014, gross margins will decline less than the year-over-year decline in the fourth quarter of fiscal year 2013.  In addition, the company expects first quarter fiscal year 2014 operating expenses to be slightly above last year.
 

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