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Global apparel marketer Gap reports 2% drop in Q3FY16 sales
Nov '16
Global apparel marketer Gap Inc. reported a 2 per cent drop in sales at $3.80 billion for the three months ended October 29, 2016, as against $3.86 billion in the corresponding quarter of the previous fiscal. Translation of foreign currencies into US dollars positively impacted its sales for the third quarter of fiscal 2016 by about $17 million.

In the quarter under review, comparable sales too were down 3 per cent, which includes an estimated negative impact from the Fishkill distribution centre fire of approximately 2 percentage point. In the prior fiscal's third quarter, the company had recorded a decline of 2 per cent in comparable sales.

Brand wise, comparable sales for Gap decreased 8 per cent, which includes an estimated negative impact from the fire of around 4 percentage points, versus negative 4 per cent in the third quarter of last fiscal.

Comparable sales too fell 8 per cent at Banana Republic brand, which too was impacted by approximately 2 percentage points, vis-à-vis negative 12 per cent in the earlier fiscal's same quarter.

However, Old Navy brand posted a 3 per cent growth in comparable sales, including an approximate negative 1 percentage point impact. This compares with an increase of 4 percent in the same period of last fiscal. (AR)

Fibre2Fashion News Desk – India

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