OLD NAVY COMPARABLE SALES HELP GAP INC’S THIRD QUARTER RESULTS

Gap Inc. has reported its financial results for third quarter of fiscal year 2016. Net sales were down slightly to $3.80 billion compared with $3.86 billion for the third quarter of last year. The company’s comparable sales for the third quarter of fiscal year 2016 were down 3 percent, including an estimated negative impact from the Fishkill distribution center fire.

As for each division, Old Navy Global’s comparable sales were positive 3 percent, while Gap Global’s comparable sales were negative 8 percent as were Banana Republic Global’s comparable sales.

“As we close out the quarter, we are pleased to see a continued positive customer response to our Old Navy product collections,” said Sabrina Simmons, chief financial officer, Gap Inc.

On a reported basis, the company expects its diluted earnings per share for the third quarter of fiscal year 2016 to be in the range of $0.50 to $0.51, while its adjusted diluted earnings per share are expected to be in the range of $0.59 to $0.60.