The FINANCIAL — Gap Inc. on April 7 reported that net sales for the five-week period ended April 2, 2016 were $1.43 billion compared with net sales of $1.53 billion for the five-week period ended April 4, 2015.
“While March proved challenging, we remain focused on taking the necessary steps to improve results across the portfolio throughout the year,” said Sabrina Simmons, chief financial officer, Gap Inc.
March Comparable Sales Results
Gap Inc.’s comparable sales for March 2016 were down 6 percent versus a 2 percent increase last year. Comparable sales by global brand for March 2016 were as follows:
Gap Global: negative 3 percent versus negative 7 percent last year
Banana Republic Global: negative 14 percent versus negative 3 percent last year
Old Navy Global: negative 6 percent versus positive 14 percent last year
The company noted that it is entering April with more inventory than planned which the company expects will pressure its gross margin rate for the first quarter of fiscal year 2016.
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