Gap comparable sales in red after positive March last year

Gap’s comparable sales for March 2016 were down 6 percent versus a 2 percent increase last year. The company said that net sales for the five-week period ended April 2, 2016 were 1.43 billion dollars compared with net sales of 1.53 billion dollars 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.

Comparable sales at Gap Global were negative 3 percent versus negative 7 percent last year, at Banana Republic Global: negative 14 percent versus negative 3 percent last year and Old Navy Global, negative 6 percent versus positive 14 percent last year.

The company expects more inventory in April than planned to pressure its gross margin rate for the first quarter of fiscal year 2016.