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Gap Inc. Reports January And Fourth Quarter Sales Results

Gap Inc. (NYSE:GPS) today reported that comparable sales for January 2014 were up 1 percent versus an 8 percent increase last year. For the fourth quarter of fiscal year 2013, comparable sales increased 1 percent versus a 5 percent increase last year, marking the company’s eighth consecutive quarter of positive comparable sales growth.

Due to the 53 rd week in fiscal year 2012, comparable sales for January 2014, the fourth quarter of fiscal year 2013, and fiscal year 2013, respectively, are compared to the four-week, 13-week, and 52-week periods ended February 2, 2013.

“We’re pleased to deliver a strong finish to the year, with another month and quarter of comp sales growth,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.

January 2014 net sales for the four-week period ended February 1, 2014 were $899 million compared with net sales of $1.13 billion for the five-week period ended February 2, 2013. For the fourth quarter of fiscal year 2013, Gap Inc.’s net sales were $4.58 billion compared with $4.73 billion for the fourth quarter last year.

The company noted that fiscal year 2013 had 52 weeks compared with 53 weeks in fiscal year 2012. As a result, net sales for January 2014, the fourth quarter of fiscal year 2013, and fiscal year 2013 are negatively impacted by the loss of the 53 rd week.

January Comparable Sales Results

Comparable sales by global brand for January 2014 were as follows:

  • Gap Global: positive 1 percent versus positive 4 percent last year
  • Banana Republic Global: negative 10 percent versus positive 9 percent last year
  • Old Navy Global: positive 4 percent versus positive 12 percent last year

Fourth Quarter Comparable Sales Results

Comparable sales by global brand for the fourth quarter of fiscal year 2013 were as follows:

  • Gap Global: positive 1 percent versus positive 2 percent last year
  • Banana Republic Global: negative 3 percent versus positive 3 percent last year
  • Old Navy Global: flat versus positive 8 percent last year

Fourth Quarter Guidance

The company announced diluted earnings per share guidance for the fourth quarter of fiscal year 2013 in the range of $0.65 to $0.66, representing full-year fiscal 2013 earnings per share growth in the mid-to-high teens, on top of 49 percent full-year earnings per share growth in fiscal 2012.

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