The FINANCIAL — Gap Inc. March 3 reported that net sales for the four-week period ended February 27, 2016 were $888 million compared with net sales of $918 million for the four-week period ended February 28, 2015.
On a constant currency basis, February 2016 net sales decreased 2 percent compared with last year. In calculating the net sales change on a constant currency basis, current year foreign exchange rates are applied to both current year and prior year net sales. This is done to enhance the visibility of underlying sales trends, excluding the impact of foreign currency exchange rate fluctuations, according to Gap.
“We are encouraged by the initial customer response to Gap brand’s spring collection and we remain focused on improving results across our portfolio,” said Sabrina Simmons, chief financial officer, Gap Inc.
February Comparable Sales Results
Gap Inc.’s comparable sales for February 2016 were down 2 percent versus a 4 percent decrease last year. Comparable sales by global brand for February 2016 were as follows:
Gap Global: flat versus negative 7 percent last year
Banana Republic Global: negative 11 percent versus negative 5 percent last year
Old Navy Global: flat versus flat last year
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