Gap's management pleased with 7% gain in Jan sales
03 Feb '06
3 min read
-- Gap North America: negative 7 percent versus negative 1 percent last year
- Banana Republic North America: negative 5 percent versus negative 1 percent last year
- Old Navy North America: negative 6 percent versus negative 4 percent last year
- Gap International: flat versus negative 7 percent last year
Year-to-date net sales of $16.0 billion for the 52 weeks ended January 28, 2006, represent a decrease of 2 percent over net sales of $16.3 billion for the same period ended January 29, 2005.
The company's year-to-date comparable store sales decreased 5 percent compared with flat comparable sales in the prior year.
As of January 28, 2006, Gap Inc. operated 3,053 store locations compared with 2,994 store locations last year.
The company has revised guidance for fiscal year 2005 and now expects:
- Fiscal year 2005 operating margin in the 10.5 to 11 percent range.
- Annual effective tax rate range for 2005 of 37.5 to 38.2 percent, which reflects the impact of a one-time tax settlement.
- Year-over-year inventory per square foot to be down in the mid-single- digits at the end of the fourth quarter.
- Due to the combination of better than expected operating performance and the impact of the one-time tax benefit, the company now expects earnings per share for the fiscal year 2005 to be $1.22 to $1.25.
As of the end of the company's fourth quarter, Gap Inc completedits $500 million share repurchase authorization.
marketing@alchempro.com
