Gap Inc. (NYSE: GPS) today reported net sales for the four-week period ended March 1, 2014 were $929 million compared with net sales of $966 million for the four-week period ended March 2, 2013. Gap Inc.’s comparable sales for February 2014 were down 7 percent versus a 3 percent increase last year.
“While February was clearly a difficult month, we remain focused on executing our global priorities,” said Glenn Murphy, chairman and chief executive officer, Gap Inc.
February Comparable Sales Results
Comparable sales by global brand for February 2014 were as follows:
- Gap Global: negative 10 percent versus positive 2 percent last year
- Banana Republic Global: negative 7 percent versus negative 5 percent last year
- Old Navy Global: negative 6 percent versus positive 6 percent last year
- Gap store openings across the Greater China region by the end of fiscal 2014; and
- the impact of the later Easter holiday timing on March and April sales results.
- the risk that changes in general economic conditions or consumer spending patterns could adversely impact the company’s results of operations;
- the highly competitive nature of the company’s business internationally;
- the risk that the company will be unsuccessful in gauging apparel trends and changing consumer preferences;
- the risk that the company will be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying or terminating leases for existing store locations effectively;
- the risk that comparable sales and margins will experience fluctuations;
- the risk that natural disasters, public health crises, political crises, or other catastrophic events could adversely affect the company’s operations and financial results;
- the risk that acts or omissions by the company’s third-party vendors, including a failure to comply with the company’s code of vendor conduct, could have a negative impact on its reputation or operations;
- the risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits; and
- the risk that changes in the regulatory or administrative landscape could adversely affect the company’s financial condition, strategies, and results of operations.