GAP UPDATES FISCAL 2016 GUIDANCE ON INCREASED HOLIDAY SALES

San Francisco-based retail giant Gap Inc. reported an increase in holiday sales for 2016, leading the retailer to update its Fiscal 2016 guidance.

Overall, net sales for the five-week period ended December 31, 2016 increased three percent to $2.07 billion, compared with net sales of $2.01 billion for the five-week period ended January 2, 2016. Comparable sales were positive two percent for the November and December 2016 holiday season, compared with last year.

On a brand-by-brand basis, Old Navy Global had the strongest increase, posting a positive 12 percent gain versus negative seven percent last year. Gap Global was positive one percent versus negative two percent last year, and Banana Republic Global was negative seven percent versus negative nine percent last year.

“We’re pleased with the improved momentum we saw over the holiday season, driven primarily by a positive customer response at Gap and Old Navy,” said Sabrina Simmons, chief financial officer, Gap Inc.

Because of the holiday results, Gap updated its Fiscal 2016 guidance. “Based on these results, we now expect full-year adjusted earnings per share to be modestly above the high end of our previous adjusted guidance range of $1.92,” added Simmons.