GAP Inc., the US-based apparel retailer, has announced financial results for the third quarter of 2017 fiscal year.
The fashion firm earned US $ 271 million in net income during the quarter compared to US $ 125 million the year-ago period. Its total revenue, however, declined by 1.4 per cent to settle at US $ 3.8 billion.
Additionally, GAP’s comparable sales were up by 3 per cent during the quarter under review against a 1 per cent decrease in the corresponding period of 2016.
Net sales for the third quarter remained US $ 3.84 billion compared to US $ 3.80 billion during the same quarter of last fiscal.
GAP’s global brands like Old Navy noted a 4 per cent rise in comparable sales. GAP Global noted a 1 per cent surge in sales against a (-) 4 per cent last year. Banana Republic Global reported a (-) 1 per cent decline in comparable versus (-) 6 per cent in the same period last year.
“We are happy to report our fourth consecutive quarter of positive comps, reflecting the continued momentum in key parts of our retail business,” said Art Peck, President and Chief Executive Officer, GAP.
The company now expects comparable sales for fiscal 2017 to be up in low-single-digits.
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