) reported comparable-store sales (comps) increase of 7% for the
4 weeks ended May 4, 2013 compared with a 2% decline registered
for the 4 weeks ended May 5, 2012, driven by strong results at
its namesake Gap and Old Navy stores. Moreover, net sales in
April totaled $1.21 billion, up 5% compared with the prior-year
period sales of $1.15 billion.
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Global brand-wise, comps performances at Gap Global were up 8%
compared to a 1% increase in the prior-year period, while comps
at Banana Republic were up 1% compared to flat comps recorded
last year. Old Navy's comps increased 9% versus a 6% decline in
April last year.
For the first quarter of fiscal 2013, the company's net sales
increased 7% to $3.73 billion compared with $3.49 billion in the
prior-year period. During the quarter comps rose 2% compared with
a 4% increase in the year-ago quarter.
Brand-wise, first quarter comps at Gap Global increased 3%
compared to a 2% rise in the prior-year period, while comps at
Banana Republic Global remained flat compared to 5% rise last
year. Old Navy Global's comps rose 3% versus a 4% increase last
Based on strong sales results, the company expects first quarter
earnings per share in the range of 68 cents - 69 cents, compared
with 47 cents reported in the year-ago quarter.
Recently, 3 other retailers -
Ross Stores Inc.
) - reported comparable-store sales increase of 4.6%, 7% and
6.2%, respectively for the month of April.
This Zacks Rank #2 (Buy) company is scheduled to release its
first-quarter results on May 23, 2013 and May sales results on
Jun 6, 2013.