Home / Knowledge / News / Apparel/Garments / Gap Inc Q1 FY'13 sales rise 7%
Gap Inc Q1 FY'13 sales rise 7%
24
May '13
Gap Inc. reported that net sales for the first quarter, which ended May 4, 2013, increased 7 percent to $3.73 billion compared with $3.49 billion for the first quarter last year.

Due to the 53rd week in fiscal year 2012, comparable sales for the first quarter of fiscal year 2013 are compared with the 13-week period ended May 5, 2012. On this basis, the company’s first quarter comparable sales increased 2 percent compared with a 4 percent increase in the first quarter last year.

“We are pleased with our strong start to the year, especially first quarter sales,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “We remain focused on continuing to deliver shareholder value.”

First quarter diluted earnings per share increased to $0.71 compared with $0.47 last year. The fiscal year 2013 first quarter diluted earnings per share included a positive impact from the calendar shift created by the 53rd week in fiscal year 2012 and a benefit from the favorable resolution of tax positions in the quarter. The company reaffirmed its fiscal year 2013 diluted earnings per share guidance of $2.52 to $2.60.

Additional First Quarter 2013 Financial and Business Highlights

- Positive 2 percent comparable sales versus positive 4 percent last year, driven by strength in all three global brands: Gap, Old Navy, and Banana Republic.
- Operating margin expanded 290 basis points to 14.2 percent.
- Net earnings were up $100 million, or 43 percent, compared with the first quarter last year.
- Gap Inc. opened five Athleta stores in the first quarter, for a total of 40 stores open to date.
- The company opened nine Old Navy stores in Japan in the quarter, for a total of 10 stores open to date.
- The company continued to expand its store base in China, opening two additional stores in the quarter, for a total of 49 stores.

First Quarter Comparable Sales Results

Comparable sales for the first quarter of fiscal year 2013 were as follows:


- Gap Global: positive 3 percent versus positive 2 percent last year
- Old Navy Global: positive 3 percent versus positive 4 percent last year
- Banana Republic Global: flat versus positive 5 percent last year

Gap Inc


Interviews View All

Riddhika Shah, SS Homme

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Subhashini Srinivasan, The S Studio

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Ravindra Jain, Ashish Baid,

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Dejan Lalevic,

Dejan Lalevic

Mesdan SPA, a subsidiary of Italian firm Savio Macchine Tessili,...

Luca Formentini,

Luca Formentini

From the very beginning, Loris Bellini's aim was to produce dyeing...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2019

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

news category


Related Categories:

Advanced Search