The FINANCIAL — Gap Inc. on July 9 reported that net sales for the five-week period ended July 4, 2015 were $1.54 billion or flat compared with last year.
On a constant currency basis, June 2015 net sales increased 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 Inc..
“As previously announced, we’re taking significant actions to help improve Gap brand’s performance,” said Sabrina Simmons, chief financial officer, Gap Inc. “We’re pleased customers continue to respond favorably to Old Navy’s on-trend collections with the brand delivering yet another month of positive comps.”
June Comparable Sales Results
Gap Inc.’s comparable sales for June 2015 were down 1 percent versus a 2 percent decrease last year. Comparable sales by global brand for June 2015 were as follows:
Gap Global: negative 5 percent versus negative 7 percent last year
Banana Republic Global: positive 1 percent versus negative 7 percent last year
Old Navy Global: positive 1 percent versus positive 7 percent last year
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