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Q3 FY15 net sales down 3% at Gap Inc
13
Nov '15
Gap Inc, a leading global retailer of clothing and fashion accessories based in the US, recorded a fall of 3 per cent in its net sales during the third quarter of fiscal year 2015, i.e. to $3.86 billion against $3.97 billion in the third quarter of fiscal year 2014, according to a press release issued by the company.

The fall in the net sales of Q3 at Gap Inc was primarily because of the weak Japanese yen and Canadian dollar which affected the reported sales figures by $98 million when translated into US dollars.

However, on a constant currency basis, the net sales figure of Q3 FY15 was flat as compared to the corresponding quarter last year.

The company's comparable sales for the quarter decreased by 2 per cent, with Gap Global recording a fall of 4 per cent, Banana Republic Global recording a fall of 12 per cent and Old Navy Global recording a rise of 4 per cent.

 “With fall behind us, the teams across our portfolio are focused on strong execution for the holiday season,” said Sabrina Simmons, CFO at Gap Inc. (MCJ)

Fibre2Fashion News Desk — India

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