Steady improvement at Gap
20 August 2010 11:31
Fashion group Gap has reported another solid quarter of trading, with sales, profits and earnings per share all continuing their positive trend.
Second quarter net sales were $3.32 billion compared with $3.25 billion for the second quarter last year. The company's second quarter like-for-like store sales increased 1% compared with a decrease of eight percent for the second quarter last year. The company's online sales for the second quarter of fiscal year 2010 increased 15 percent to $258 million compared with $224 million for the second quarter last year. Meanwhile gross profit grew 2% to $1.31 billion compared with $1.29 billion last year and net earnings were up 3% to $234 million.
Across its divisions, only Gap North America saw a fall in like-for-like sales (4%) but across Banana Republic, Old Navy and its international operations like-for-likes were up across the board.
"Our economic model helped us deliver both sales and earnings growth for the second quarter, while we navigated some challenges along the way," said Glenn Murphy, chairman and chief executive officer of Gap Inc.
"Looking forward, we're committed to our strategy of growing sales and market share in North America as we also invest in our long-term global and online growth initiatives."
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