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Gap February comparable sales down 7 percent

By FashionUnited

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REPORT_ Gap has reported that its net sales for the four-week

period ended March 1, 2014 were 929 million dollars compared with net sales of 966 million dollars for the four-week period ended March 2, 2013. Gap’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 of San Francisco headquartered Gap.

Comparable sales by global brand for February 2014 showed Gap Global, negative 10 percent versus positive 2 percent last year, Banana Republic Global, negative 7 percent versus negative 5 percent last year and Old Navy Global, negative 6 percent versus positive 6 percent last year.

The company noted that more than 450 stores experienced closures during February due to weather. In line with its strategic priorities, the company also announced the opening of its first Gap store in Taiwan. The brand expects to end fiscal year 2014 with more than 100 Gap stores across the Greater China region.

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