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Gap December sales rises 3% to $2.07 bn

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Dion Global

06 Jan 2017

Apparel maker Gap on Thursday reported that its net sales rose 1 per cent and comparable sales were up 2 per cent for the November and December 2016 holiday season, compared with last year.

“The company’s net sales for the five-week period ended December 31, 2016 increased 3 per cent to USD 2.07 billion, compared with net sales of USD 2.01 billion for the five-week period ended January 2, 2016,” Gap said in a statement.

“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, chief financial officer, Gap Inc. “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 USD 1.92."

The company’s comparable sales for December 2016 were up 4 per cent versus a 5 per cent decrease last year.