Gap Inc. today reported that net sales were up 1 percent and comparable sales were positive 2 percent for the November and December 2016 holiday season, compared with 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. “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.“
December Sales Results: Gap Inc.’s net sales for the five-week period ended December 31, 2016 increased 3 percent to $2.07 billion, compared with net sales of $2.01 billion for the five-week period ended January 2, 2016.
The company’s comparable sales for December 2016 were up 4 percent versus a 5 percent decrease last year. Comparable sales by global brand for December 2016 were as follows:
- Gap Global: positive 1 percent versus negative 2 percent last year
- Banana Republic Global: negative 7 percent versus negative 9 percent last year
- Old Navy Global: positive 12 percent versus negative 7 percent last year
January Sales: The company will report January sales at 1:15 p.m. Pacific Time on Monday, February 6, 2017.