Gap comparable sale rise 2 percent during holiday season

Gap net sales increased 1 percent and comparable sales were positive 2 percent for the November and December 2016 holiday season, compared with last year.

“We're pleased with the improved momentum we saw over the holiday season, driven primarily by a positive customer response at Gap and Old Navy,” said Sabrina Simmons, CFO of Gap in a statement, adding, “Based on these results, we now expect full-year adjusted earnings per share to be modestly above the high end of our previous adjusted guidance range of 1.92 dollars."

Gap’s net sales for the five-week period ended December 31, 2016 increased 3 percent to 2.07 billion dollars, compared with 2.01 billion dollars for the same period ended January 2, 2016. The company’s comparable sales for the month were up 4 percent versus a 5 percent decrease last year.

Comparable sales at Gap Global were positive 1 percent versus negative 2 percent last year, at Banana Republic Global, negative 7 percent versus negative 9 percent last year and Old Navy Global, positive 12 percent versus negative 7 percent last year.

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