Gap on Monday said net sales for the four weeks ended Oct. 29 were $1.2 billion, or flat compared with a year ago. Third-quarter net sales were down 1.6 percent to $3.8 billion from $3.86 billion.
Sabrina Simmons, chief financial officer, said, “As we close out the quarter, we are pleased to see a continued positive customer response to our Old Navy product collections.”
Comparable-store sales for October were down 1 percent versus a 3 percent decrease a year ago. The company said the fire at its Fishkill, N.Y., distribution center negatively impacted comps by 3 percentage points. For Gap Global, comps were down 7 percent versus a 4 percent decline a year ago. At Banana Republic Global, comps fell 4 percent versus down 15 percent a year ago. At Old Navy Global, comps were up 3 percent on top of the 2 percent gain last year.
For the quarter, comps were down 8 percent at Gap Global; down 8 percent at Banana Republic Global, and up 3 percent at Old Navy Global.
The company, which will post third-quarter results on Nov. 17, said diluted earnings per share are expected in the range of 50 cents to 51 cents. Adjusted diluted EPS is expected to be between 59 cents and 60 cents.