The FINANCIAL — Gap Inc. on June 2 reported that net sales for the four-week period ended May 28, 2016 decreased 5 percent to $1.18 billion, compared with net sales of $1.25 billion for the four-week period ended May 30, 2015.
Gap Inc.’s comparable sales for May 2016 were down 6 percent versus a 1 percent decrease last year.
“As we move into the second quarter, we are continuing to make progress against our recently announced measures while maintaining the financial discipline we are known for,” said Sabrina Simmons, chief financial officer, Gap Inc.
Comparable sales by global brand for May 2016 were as follows:
Gap Global: negative 3 percent versus negative 6 percent last year
Banana Republic Global: negative 11 percent versus negative 5 percent last year
Old Navy Global: negative 7 percent versus positive 6 percent last year
The company noted that while the overall month was challenging, performance improved leading into the Memorial Day holiday weekend.
As previously noted, the Sunday and Monday of the Memorial Day holiday fell in the fiscal month of June this year versus May last year, negatively impacting May sales results and benefitting June, according to Gap.
Discussion about this post