SAN FRANCISCO–(BUSINESS WIRE)–Gap
Inc. (NYSE:GPS) today reported that net sales were up 1 percent and
comparable sales were positive 2 percent for the November and December
2016 holiday season, compared with last year.
“We’re pleased with the improved momentum we saw over the holiday
season, driven primarily by a positive customer response at Gap and Old
Navy,” said Sabrina Simmons, chief financial officer, Gap Inc. “Based on
these results, we now expect full-year adjusted earnings per share to be
modestly above the high end of our previous adjusted guidance range of
December Sales Results
Gap Inc.’s net sales for the five-week period ended December 31, 2016
increased 3 percent to $2.07 billion, compared with net sales of $2.01
billion for the five-week period ended January 2, 2016.
The company’s comparable sales for December 2016 were up 4 percent
versus a 5 percent decrease last year. Comparable sales by global brand
for December 2016 were as follows:
Gap Global: positive 1 percent versus negative 2 percent last
Banana Republic Global: negative 7 percent versus negative 9
percent last year
Old Navy Global: positive 12 percent versus negative 7 percent
Additional insight into Gap Inc.’s sales performance is available by
calling 1-800-GAP-NEWS (1-800-427-6397). International callers may call
706-902-4949. The recording will be available at approximately 1:15 p.m.
Pacific Time on January 5, 2017 and available for replay until 1:15 p.m.
Pacific Time on January 13, 2017.
The company will report January sales at 1:15 p.m. Pacific Time on
Monday, February 6, 2017.
This press release and related sales recording contain forward-looking
statements within the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than those that are
purely historical are forward-looking statements. Words such as
“expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,”
“project,” and similar expressions also identify forward-looking
statements. Forward-looking statements include statements regarding:
- earnings per share for fiscal year 2016.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause the
company’s actual results to differ materially from those in the
forward-looking statements. These factors include, without limitation,
the risk that changes in global economic conditions or consumer
spending patterns could adversely impact our results of operations;
the highly competitive nature of our business in the United States and
the risk that foreign currency exchange rate fluctuations could
adversely impact our financial results; and
the risk that comparable sales and margins will experience
Additional information regarding factors that could cause results to
differ can be found in the company’s Annual Report on Form 10-K for the
fiscal year ended January 30, 2016, as well as the company’s subsequent
filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of January
5, 2017. The company assumes no obligation to publicly update or revise
its forward-looking statements even if experience or future changes make
it clear that any projected results expressed or implied therein will
not be realized.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories,
and personal care products for men, women, and children under the Gap,
Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year
2015 net sales were $15.8 billion. Gap Inc. products are available for
purchase in more than 90 countries worldwide through about 3,300
company-operated stores, about 450 franchise stores, and e-commerce
sites. For more information, please visit www.gapinc.com.