We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gap Inc | NYSE:GPS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.12 | -0.54% | 22.09 | 23.1399 | 22.055 | 23.04 | 7,488,554 | 00:43:22 |
By Maria Armental
Gap Inc. said Thursday that its sales fell in March and that high inventory levels will pressure profits in the first quarter.
Shares of Gap, down 35% over the past year, fell 9% to $25.20 in after-hours trading.
"While March proved challenging, we remain focused on taking the necessary steps to improve results," said Sabrina Simmons, Gap's chief financial officer.
Gap said its margins in the first quarter will be under pressure because the retailer entered April with more inventory than planned. Retailers, when faced with high amounts of inventory, frequently will discount prices, a move that can hurt profits.
For the five weeks ended April 2, Gap's total sales fell to $1.43 billion from $1.53 billion a year ago. On a comparable basis, a key metric to assess retailers' performance, Gap's same-store sales declined 6% in March; in the year-ago period, sales rose 2%.
At its different brands, the largest decline came from Banana Republic, which reported a 14% drop in same-store sales, compared with a 3% fall a year earlier. Old Navy, which has been a key sales driver, reported a 6% decrease in same-store sales, compared with a 14% increase a year ago.
Same-store sales at Gap's namesake stores fell 3%, narrower than a 7% drop in the year-ago period.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 07, 2016 17:36 ET (21:36 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
1 Year Gap Chart |
1 Month Gap Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions