Gap Inc posts 1% increase in net sales
Gap Inc has reported that net sales rose by 1% to £4.7 billion in its fourth quarter.
However, comparable sales were down 1% in the period.
On a comparable basis, sales at Gap fell by 5% year-on-year while sales at Banana Republic and Old Navy were flat. Meanwhile, sales at the group’s Athleta brand rose by 2%.
Gap Inc interim chief executive Bob Fisher said: “While fiscal 2019 was a challenging year, I am proud of our teams and their commitment to Gap Inc. Thanks to their efforts, we began to see stabilisation in our business in the fourth quarter, driven primarily by improvement in Old Navy’s performance.“
Looking ahead, Gap Inc’s recently appointed chief executive Sonia Syngal said the evolving coronavirus situation meant the company was facing a period of uncertainty which could have an impact on its supply chain and customer demand.
She added: “We are focusing on decisive actions that will ensure we emerge well positioned to compete in the years ahead, and I am impressed by how diligently the teams have navigated the events of the past weeks.”
In addition, Gap Inc has announced that Old Navy chief financial officer Katrina O’Connell will be promoted to the role of Gap Inc chief financial officer. She will succeed Teri List-Stoll who has worked in the role since January 2017.
Syngal said: “Katrina brings more than two decades of Gap Inc experience across both brands and functions. Her command of finance, portfolio management and strategy, coupled with her strong operating capabilities from her time leading inventory management, make her uniquely qualified to take on this role.”
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