Gap Q1 net sales up by 6%

Gap based in San Francisco reported net sales for the first quarter of fiscal 2012 increased 6 percent compared with last year, and April 2012 net sales were flat compared with last year. Net sales for the first quarter, which ended April 28, 2012, increased 6 percent to $3.49 billion compared with $3.30 billion for the first quarter last year.

The company’s first quarter comparable sales, which include the associated comparable online sales, were up 4 percent compared with a 3 percent decrease in the first quarter last year. In addition, net sales were $1.15 billion for each of the four-week periods ended April 28, 2012 and April 30, 2011. The company’s comparable sales for April 2012, which include the associated comparable online sales, were down 2 percent compared with an 8 percent increase in April 2011.

The company expects diluted earnings per share for the first quarter of fiscal year 2012 to be in the range of $0.44 to $0.46. Comparable sales for the first quarter of fiscal year 2012 in North America were a positive 5 percent versus a negative 3 percent last year. In Banana Republic of North America it was a positive 5 percent versus a negative 1 percent last year. In Old Navy North America it was a positive 4 percent versus a negative 2 percent last year. International Comparable sales were a negative 4 percent versus a negative 6 percent last year.

Comparable sales for April 2012 in North America were a positive 4 percent versus a positive 2 percent last year. Banana Republic recorded a positive 1 percent versus a positive 11 percent last year; Old Navy North America recorded a negative 6 percent versus a positive 14 percent last year. For International this figure was a negative 6 percent versus a negative 1 percent last year.

Gap Inc. is a leading global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands. Fiscal 2011 net sales were $14.5 billion. Gap Inc. products are available for purchase in over 90 countries worldwide through about 3,000 company-operated stores, about 200 franchise stores, and e-commerce sites.