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Gap reports 3 percent rise in Q4 net sales

By Prachi Singh

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Gap reported that net sales for the four-week period ended January 31, 2015 were 888 million dollars compared with net sales of 899 million dollars for the four-week period ended February 1, 2014. For the fourth quarter of fiscal year 2014, Gap’s net sales increased 3 percent to 4.71 billion dollars compared with 4.58 billion dollars for the fourth quarter last year. On a constant currency basis, Gap net sales increased 5 percent for the fourth quarter of fiscal year 2014.

“We’re pleased to have grown comparable sales 2 percent for the fourth quarter, driven by a strong, double-digit comp at Old Navy,” said Sabrina Simmons, Chief Financial Officer at Gap.

Gap’s comparable sales for January 2015 were down 3 percent versus positive 1 percent last year. Comparable sales by global brand for January 2015 at Gap Global were negative 9 percent versus positive 1 percent last year, at Banana Republic Global, positive 2 percent versus negative 10 percent and at Old Navy Global, positive 3 percent versus positive 4 percent last year.

Comparable sales for the fourth quarter of fiscal year 2014 were up 2 percent versus positive 1 percent last year. Comparable sales by global brand for the fourth quarter at Gap Global were negative 6 percent versus positive 1 percent last year, Banana Republic Global, positive 1 percent versus negative 3 percent and Old Navy Global, positive 11 percent versus flat last year.

The company raised its fiscal year 2014 diluted earnings per share guidance range to 2.86 dollars to 2.87 dollars, driven by its fourth quarter results, as well as a lower effective tax rate. For the fourth quarter of fiscal year 2014, the company expects diluted earnings per share to be in the range of 0.73 dollars to 0.74 dollars. Gap will release its fourth quarter earnings results on February 26, 2015 and February sales on March 5, 2015.

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