Sales for the brand Old Navy Global were down 5 per cent as compared to 5 per cent increase last year. Sales of Gap Global and Banana Republic Global were down 7 per cent and 3 per cent respectively in the second quarter ending August 3, 2019, said Gap Inc in a media statement.
"We are operating in a challenging environment, but I remain confident in the strength of our brands and our plans for the future as we work to launch two independent, public companies," said Art Peck, president and chief executive officer, Gap Inc. "Heading into the second half of the year, we remain highly focused on inventory and expense discipline to improve results, as well as delivering exceptional product supported by powerful marketing to drive customer engagement."
The company updated its reported diluted earnings per share guidance for fiscal year 2019 to be in the range of $1.88 to $2.08. The company affirmed its fiscal year 2019 adjusted diluted earnings per share guidance range of $2.05 to $2.15. The company continues to expect comparable sales for fiscal year 2019 to be down low single digits.
Gap Inc offers products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City brands. Fiscal year 2018 net sales were $16.6 billion. The company ended the second quarter of fiscal year 2019 with 3,877 store locations in 44 countries, of which 3,356 were company-operated. (PC)
Fibre2Fashion News Desk – India
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