Gap Inc., owner of the Gap, Banana Republic, Old Navy, Athleta and other brands, announced fourth quarter and full fiscal year financial results.
For the quarter ending Jan. 31, net sales were up 3 percent (5 percent when adjusted for foreign currency fluctuations) to $4.71 billion, in line with estimates, compared with $4.58 billion for the fourth quarter of fiscal year 2013. The company’s fourth quarter comparable sales rose by 2 percent, driven primarily by an 11 percent increase in same-store sales at Old Navy. Total online sales were $792 million for the fourth quarter of fiscal year 2014 compared with $698 million in the fourth quarter last year.
Read the full article at Sourcing Journal.