Gap July comparable sales down 4 percent

Gap net sales for the four-week period ended July 30, 2016 were 1.10 billion dollars compared with net sales of 1.12 billion dollars for the four-week period ended August 1, 2015. For the second quarter, net sales were 3.85 billion dollars compared with 3.90 billion dollars for the same quarter last year.

“While performance varied during the quarter, we made progress on our streamlining initiatives and continued to see signs of improvement in our larger brands,” said Sabrina Simmons, CFO of Gap.

July comparable sales decline 4 percent

Comparable sales for July 2016 were down 4 percent versus a 3 percent decrease last year. Comparable sales at Gap Global were negative 4 percent versus negative 7 percent last year, at Banana Republic Global, negative 14 percent versus negative 10 percent last year and Old Navy Global, flat versus positive 3 percent last year.

For the second quarter, comparable sales were down 2 percent versus a 2 percent decrease last year. Comparable sales at Gap Global in the second quarter were negative 3 percent versus negative 6 percent last year, at Banana Republic Global, negative 9 percent versus negative 4 percent last year and at Old Navy Global, flat versus positive 3 percent last year.

On a reported basis, the company expects its diluted earnings per share for the second quarter to be in the range of 0.30 dollar to 0.31 dollar. Excluding the negative impact associated with its previously announced store closure and streamlining measures, the company expects its adjusted diluted earnings per share to be in the range of 0.58 dollar to 0.59 dollar.

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