Gap Reports 1% Fall in March Same-Store Sales (GPS)
Apparel retailer, The Gap Inc. (NYSE: GPS) said late last evening that same-store sales in March fell 1% as disappointing performance of Old Navy brand overshadowed better showing of other brands.
The San Francisco-based retailer, whose portfolio of brands include the namesake brand, Banana Republic, Piperlime and Athleta, said that sales for the five weeks period which ended April 6, rose to $1.56 billion from $1.46 billion, in the same period of last fiscal.
Same-store-sales at, a key matrix on retailer’s performance since it only includes sales from established stores (stores opened for at least a year), stood flat in Company’s Gap brand division compared to 7% growth in the same period of last fiscal.
Same-store-sales at Banana Republic division rose 1% in March compared to 5% growth in the year-earlier period while it declined 2% at Old Navy segment having climbed 11% in the same period of last fiscal.
The Company in order to reduce its dependence in the U.S. market is expanding aggressively in emerging markets such as China, and Brazil. While China is the second largest apparel market in the world where spending on luxury brands is growing sharply, Brazil’s growing and booming bourgeoisies offers immense opportunity for GAP since Brazilian’s are highly fashion conscious.
Investors however remained unflustered to the news as shares inched up 0.18% in aftermarket trading after gaining 1.91% in regular trading hours to $37.90.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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