GAP SEES SLIGHT INCREASE IN SALES FOR FOURTH QUARTER
Global retailer Gap Inc. saw a marginal increase in sales for the fourth quarter of fiscal 2016. Net sales for the quarter increased by 1 percent to $4.43 billion compared with $4.39 billion for the fourth quarter last year.
Gap Inc.’s comparable sales for the fourth quarter of fiscal year 2016 were up 2 percent compared with a decline of 7 percent last year. Old Navy saw a positive increase of 5 percent versus negative 8 percent last year; Gap saw flat results for the quarter versus negative 3 percent last year; and Banana Republic was down 3 percent versus negative 14 percent last year.
For fiscal year 2016, the company now expects its reported diluted earnings per share to be in the range of $1.68 to $1.69. On an adjusted basis, Gap Inc. now expects its full-year 2016 adjusted earnings per share to be in the range of $2.01 to $2.02.
“Against a challenging retail backdrop, we’re pleased to report growth in our top-line and comp sales during the critical holiday quarter,” said Art Peck, chief executive officer, Gap Inc. “We remain focused on actions that will strengthen our brands and recapture market share.”