Gap posts 6 pct increase in key Sept. sales figure
SAN FRANCISCO (AP) — Clothing retailer Gap Inc. said Thursday that September revenue at its stores open at least a year rose 6 percent, beating Wall Street predictions and reversing a drop of 4 percent in the same month last year.
Analysts polled by Thomson Reuters expected an increase of 5.3 percent. The metric is a key measure of a retailer's health, because it excludes revenue from stores that recently opened or closed.
Total net sales for the five weeks ended Sept. 29 rose 8 percent to $1.45 billion from $1.35 billion.
The San Francisco-based company credited the increases to strong customer demand for its products across all of its brands.
Revenue at North American Gap stores open at least a year increased 5 percent, while Banana Republic stores posted a 4 percent increase and Old Navy North American same-store sales jumped 10 percent.
Revenue at international stores open at least a year fell 3 percent.
For the year-to-date, the company's revenue at stores open at least a year rose 5 percent, while total net sales rose 6 percent to $9.71 billion from $9.12 billion.
Gap shares rose 55 cents to $37.30 in premarket trading.