SAN FRANCISCO - April 10, 2014 - (BUSINESS WIRE) - Gap Inc. (NYSE: GPS) today reported net sales of $1.51 billion for the five-week period ended April 5, 2014. Gap Inc.'s comparable sales for March 2014 were down 6 percent versus a 1 percent decrease last year.
"While March performance has been challenging, we remain confident in the opportunities ahead," said Glenn Murphy, chairman and chief executive officer, Gap Inc. "We are pleased to reaffirm our full-year EPS guidance range."
Comparable sales by global brand for March 2014 were as follows:
As the company noted last month, the Easter holiday is in April this year versus March last year. Given this shift in peak spring selling weeks, the company expected March to be negatively impacted.
The company expects gross margins for the first quarter of fiscal year 2014 to be below the prior year by more than the year-over-year decline in the fourth quarter of fiscal year 2013. In addition, given ongoing expense management, the company expects first quarter fiscal year 2014 operating expenses to be flat to last year.
The company reaffirmed its previous full-year earnings per share guidance range of $2.90 to $2.95 for fiscal 2014.
Additional insight into Gap Inc.'s sales performance is available by calling 1-800-GAP-NEWS (1-800-427-6397). International callers may call 706-902-4949. The recording will be available at approximately 1:00 p.m. Pacific Time on April 10, 2014 and available for replay until 1:00 p.m. Pacific Time on April 18, 2014.
The company will report April sales on May 8, 2014.
This press release and related sales recording contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding:
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company's actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following:
Additional information regarding factors that could cause results to differ can be found in the company's Annual Report on Form 10-K for the fiscal year ended February 1, 2014, as well as the company's subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of April 10, 2014. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2013 net sales were $16.1 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,100 company-operated stores, over 350 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.