Gap reports drop in net sales in February
Fashion and casualwear retailer Gap's net sales for the four-week period ended February 28, 2015 fell to $918m from $929m for the four-week period ended March 1, 2014.
Comparable sales in the period were down 4% compared with a 7% decline last year. "Recognizing that February is a relatively small sales month, we’re focused on the spring shopping months ahead and delivering on our full-year goals," said Sabrina Simmons, chief financial officer, Gap Inc.
Gap's global sales were negative 7% compared with negative 10% in 2014, while Banana Republic's global sales were negative 5% versus negative 7% last year, and Old Navy's global sales were flat versus negative 6% last year.
Gap will report its March sales on April 9.
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