Home / Knowledge / News / Apparel/Garments / Gap Inc earns $3.4 bn in net sales in Q1 FY17
Gap Inc earns $3.4 bn in net sales in Q1 FY17
May '17
Gap Inc's net sales for the first quarter of fiscal year 2017 were $3.4 billion, about flat to the first quarter of fiscal year 2016. The translation of foreign currencies into U.S. dollars negatively impacted the company’s net sales for the first quarter of fiscal year 2017 by about $11 million. Its reported Q1 2017 diluted earnings per share of $0.36.

Gap Inc reaffirmed its full-year diluted earnings per share guidance to be in the range of $1.95 to $2.05. Its comparable sales for the first quarter of fiscal year 2017 were up 2 per cent versus a 5 per cent decrease last year.

Comparable sales for Old Navy Global were positive 8 per cent in the first quarter this year versus negative 6 per cent last year. Gap Global reported negative 4 per cent versus negative 3 per cent last year and Banana Republic Global achieved negative 4 per cent versus negative 11 per cent last year.

"We are pleased with our positive comp and earnings growth this quarter. We have made substantial improvements in product quality and fit, and our increasing responsive capabilities are enabling us to better react to trends and demand," said Art Peck, president and chief executive officer, Gap Inc.

"While the retail environment continues to be challenging, we are focused on delivering the best possible product and customer experience, and our ability to leverage a portfolio of iconic brands and operating scale uniquely positions the company for long-term growth,” Peck continued.

The company reaffirmed its full year diluted earnings per share guidance to be in the range of $1.95 to $2.05. It updated its diluted earnings per share guidance for the first half of fiscal year 2017 to be down mid-single digits when compared with the adjusted diluted earnings per share for the first half of fiscal year 2016, an improvement from the company’s previous guidance of down high-single digits.

The company noted that foreign currency fluctuations negatively impacted earnings per share for the first quarter of fiscal year 2017 by an estimated $0.03, or about 9 percentage points of earnings per share growth.

The company continues to expect comparable sales for fiscal year 2017 to be flat to up slightly. Net sales for fiscal year 2017 are expected to be slightly below this range driven by an expected negative impact from foreign currency fluctuations year-over-year. (KD)

Fibre2Fashion News Desk – India

Must ReadView All

Pic: Anton_Ivanov / Shutterstock.com

Retail | On 27th Jan 2022

UK retail sales volumes fall at fastest rate in 11 months in Dec 2021

UK retail sales volumes fell by 3.7 per cent in December 2021, the...

Pic: Shutterstock

Textiles | On 27th Jan 2022

New train route links China’s Suzhou city to Milan in Italy

A new China-Europe freight train route has been started between...

Pic: Shutterstock

Apparel/Garments | On 27th Jan 2022

UN-WTO report underrates Bangladesh's RMG industry progress: BGMEA

The recent United Nations-World Trade Organisation joint report has...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Consistency is the first rule of social media

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

David Guiho,

David Guiho

Headquartered in Apt, South of France, Delta Plus designs, manufactures...

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Chendhuran Sundar,

Chendhuran Sundar

Headquartered at Singapore, Crocodile is a global fashion and lifestyle...

Hemant Bheda, Arevo

Hemant Bheda

Arevo, based in Silicon Valley in California, develops technology to...

Dr. Sean Blamires, Evolution and Ecology Research Centre

Dr. Sean Blamires
Evolution and Ecology Research Centre

Using spider silk for clothing may not seem to be an attractive...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Ester Kubisz, Label - Ester Kubisz

Ester Kubisz
Label - Ester Kubisz

Ester Kubisz, a London-based designer and founder of her eponymous label,...

Sujata & Taniya Biswas, Suta

Sujata & Taniya Biswas

Founded by <b>Sujata and Taniya Biswas</b>, Suta is a humble brand which...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments


Tory Burch Hong Kong Ltd
Gloria Jeans
G-Star Raw C.V.
The Top Form Brassiere Manufacturing Company Limited
Phong Phu international JSC (PPJ)
IKEA of Sweden AB
Restoque S.A.
Calvin Klein
Vianney Textil Hogar S.A. De C.V.
Guess Europe Sagl,
PVH Corporation
C;&A Sourcing International Ltd
Huntsman (Singapore) Pte Ltd
Boardriders Asia Sourcing Limited
Under Armour Global Sourcing Ltd
Recron Polyester from Reliance Industries Limited
LC Waikiki
Hirdaramani International Export Private Limited
Varner AS Retail
Green Fibre
Lululemon Athletica Inc
IDH – The Sustainable Trade Initiative
Cat Tuong Real Estate Group Joint Stock Company
Etam Group Strategy Hong Kong Limited
Esprit Europe Services GmbH
Sateri (Jiujiang) Fiber Co.,Ltd
Lisa S.P.A.
Page Industries Limited (Bangalore)
Chico’ FAS
John Varvatos
Maceton Limited
Tchibo GmbH
Midas Clothing Limited
Reiter India Private Limited
Gatsby Africa
Vardhman Textile Ltd
Sainsbury's Argos Asia Limited
Grasim Industries Limited
Aramark Uniform ;& Career Apparel, LLC
Truetzschler India Private Limited
International Textile Manufacturers Federation
NITI Aayog
Groz-Beckert East Asia LLP
Amazon China
Chori Company Limited
MAS Active / MAS Kreeda / MAS Bodyline
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
OVS Hong Kong Sourcing Ltd.
H;&M Hennes ;& Mauritz (Far East) Ltd
The LYCRA Company Singapore  Pte. Ltd
Eastman Chemical Company
Bluestem Global Sourcing Limited
Gap International Sourcing Limited
Helly Hansen Far East Ltd
Tommy Hilfiger
Target Corporation (MN)
Rayonese Textile Inc., Division de Culp Inc.
Rosset ;& Cia Limited
Alison Hayes Romania
Landmark Group
Sportswear Company Spa
J ;& P Coats
Lenzing Aktiengesellschaft
KAS Direct Sourcing
Hela Clothing Pvt Ltd
T.T. Limited
Arvind Limited
Alix Partners
Aquarelle Clothing Limited
Brandix Lanka Limited
Gokaldas Exports Limited
SHAHI Exports Pvt Ltd
Benetton Group
Lacoste (Wanchai)
Seasalt Limited

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search