For the fourth fiscal quarter ended January 31, 2015, net sales at NYSE listed and apparel marketer, Gap Inc rose 3 per cent year on year to $4.71 billion.
For the fourth quarter of fiscal 2015, on a constant currency basis, net sales increased 5 percent from the prior year quarter.
Gap said, in calculating net sales growth on a constant currency basis, current year foreign exchange rates are applied to both current year and prior year net sales.
“This is done to enhance the visibility of underlying business trends, excluding the impact of foreign currency exchange rate fluctuations,” it added.
Gap’s comparable sales for the reporting quarter were up 2 per cent versus 1 per cent in the corresponding quarter of previous fiscal year.
In comparable global sales, Gap brand posted negative growth of 6 per cent compared to 1 percent in prior fiscal year fourth quarter.
Banana Republic brand inked 1 per cent comparable sales growth as against negative growth of 3 per cent in the same quarter of last fiscal year.
Old Navy brand inked a massive comparable sales growth of 11 per cent from flat growth the brand posted in the fourth fiscal quarter in the previous year.
“We’re pleased to have grown comparable sales 2 per cent for the fourth quarter, driven by a strong, double-digit comp at Old Navy,” said Sabrina Simmons, chief financial officer, Gap Inc.
The company raised its fiscal year 2015 diluted earnings per share guidance range to $2.86 to $2.87, driven by its fourth quarter results, as well as a lower effective tax rate.
For the fourth quarter of fiscal year 2015, Gap Inc expects diluted earnings per share to be in the range of $0.73 to $0.74.
Gap Inc. now expects a full-year effective tax rate of about 37.3 per cent, which is below the company’s previous guidance of about 38 per cent.
Net sales for the four-week period ended January 31, 2015 were down to $888 million compared with net sales of $899 million for the four-week period ended February 1, 2014.
Its comparable sales for January 2015 were down 3 per cent as against 1 per cent in the same month of fiscal 2014.
