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Gap Inc. reports April Q1 sales results

Gap Inc. this week reported that April net sales were $1.21 billion for the four-week period ended May 2, 2015, compared with net sales of $1.33 billion for the four-week period ended May 3, 2014.

May 14, 2015

Gap Inc. this week reported that April net sales were $1.21 billion for the four-week period ended May 2, 2015, compared with net sales of $1.33 billion for the four-week period ended May 3, 2014. For the first quarter of fiscal year 2015, Gap Inc.'s net sales decreased 3 percent to $3.66 billion compared with $3.77 billion for the first quarter last year, according to a company release.

"Old Navy delivered another quarter of positive comps building on its track record of three consecutive years of growth," Sabrina Simmons, CFO, Gap Inc., said in a statement. "We remain focused on driving improved performance across our other divisions."

As the company previously noted, the earlier timing of the Easter holiday, as compared to last year, benefited the company's March sales results and negatively impacted its April sales results, according to the release. Gap Inc.'s comparable sales for April 2015 were down 12 percent versus positive 9 percent last year. Comparable sales by global brand for April 2015 were as follows:

• Gap Global: negative 15 percent versus positive 3 percent last year
• Banana Republic Global: negative 15 percent versus positive 7 percent last year
• Old Navy Global: negative 6 percent versus positive 18 percent last year

Gap Inc.'s comparable sales for the first quarter of fiscal year 2015 were down 4 percent versus negative 1 percent last year. Comparable sales by global brand for the first quarter were as follows:

• Gap Global: negative 10 percent versus negative 5 percent last year
• Banana Republic Global: negative 8 percent versus negative 1 percent last year
• Old Navy Global: positive 3 percent versus positive 1 percent last year