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Gap Inc. Reports January Sales And Strong Fourth Quarter Results

Gap Inc. (NYSE: GPS) today reported that January 2013 net sales for the five-week period ended February 2, 2013 were $1.13 billion compared with net sales of $833 million for the four-week period ended January 28, 2012. The company’s comparable sales for January 2013 were up 8 percent compared with a 4 percent decrease for January 2012.

In addition, the company reported that net sales for the fourth quarter of fiscal year 2012, which ended February 2, 2013, were $4.73 billion compared with $4.28 billion for the fourth quarter last year. The company’s comparable sales for the fourth quarter of fiscal year 2012 were up 5 percent compared with a 4 percent decrease in the fourth quarter last year.

The company noted that fiscal year 2012 had 53 weeks versus 52 weeks in fiscal year 2011. As a result, net sales for January 2013, the fourth quarter of fiscal year 2012, and fiscal year 2012 include the additional week, while comparable sales exclude the 53 rd week.

“We’re pleased with the continued momentum in the business across all our brands in North America,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “As we transition to 2013, our focus remains on delivering compelling product in order to sustain our positive sales performance.”

January Comparable Sales Results

Comparable sales for January 2013 were as follows:

  • Gap North America: positive 8 percent versus negative 5 percent last year
  • Banana Republic North America: positive 8 percent versus positive 6 percent last year
  • Old Navy North America: positive 12 percent versus negative 6 percent last year
  • International: positive 1 percent versus negative 10 percent last year

Fourth Quarter Comparable Sales Results

Comparable sales for the fourth quarter of fiscal year 2012 were as follows:

  • Gap North America: positive 4 percent versus negative 3 percent last year
  • Banana Republic North America: positive 3 percent versus flat last year
  • Old Navy North America: positive 8 percent versus negative 6 percent last year
  • International: negative 2 percent versus negative 8 percent last year

Fourth Quarter Guidance

The company announced diluted earnings per share guidance for the fourth quarter of fiscal year 2012 to be in the range of $0.70 to $0.71. In addition, the company now expects year-end inventory dollars per store to be slightly above previous guidance driven by higher in-transit inventory given the earlier Easter holiday in 2013.

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