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Gap reports marginal decline in September net sales

Business

Gap reports marginal decline in September net sales

by Prachi Singh
9 Oct 2015

Net sales at Gap for the five-week period ended October 3, 2015 decreased 1 percent to 1.46 billion dollars compared with net sales of 1.48 billion dollars for the five-week period ended October 4, 2014. On a constant currency basis, September 2015 net sales increased 2 percent compared with last year.

“While September proved challenging, our leadership teams remain focused on taking the necessary steps to improve performance,” said Sabrina Simmons, Chief Financial Officer of Gap.

Gap’s comparable sales for September 2015 were down 1 percent versus flat last year. Comparable sales at Gap Global were flat versus negative 3 percent last year, at Banana Republic Global - negative 10 percent versus positive 2 percent last year and at Old Navy Global, positive 4 percent versus positive 1 percent last year.

The company now expects its gross margin rate for the third quarter of fiscal year 2015 to be similar to the second quarter of fiscal year 2015.