Surging sales at Old Navy helped Gap Inc. offset sales declines at its namesake division and its Banana Republic stores in the first quarter.
Gap Inc. reported that for the first quarter of fiscal 2015, Gap Inc.’s net sales decreased 3% to $3.66 billion compared with $3.77 billion for the first quarter last year.
“Old Navy delivered another quarter of positive comps – building on its track record of three consecutive years of growth,” said Sabrina Simmons, chief financial officer, Gap Inc. “We remain focused on driving improved performance across our other divisions.”
The company said the earlier timing of the Easter holiday, as compared to last year, benefited the company’s March sales results and negatively impacted its April sales results.
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By division, Gap’s global same-store sales fell 10% in the first quarter, the 12th consecutive monthly decline. Banana Republic’s global sales fell 8%. In comparison, Old Navy’s same-store sales surged 3% from the year-ago period.
Gap Inc. operates 3,300 stores all over the world.
Date: May 11, 2015