As expected earlier, a calendar shift in Easter timings
adversely impacted Gap Inc. 's ( GPS ) comparable-store
sales (comps) results for the 5-week period ended on Apr 6. The
company reported a negative 1% comps performance for the period
compared with 8% growth registered in Mar 2012.
Global brand-wise, comps performances at Gap Global were flat
against 7% growth recorded in the prior-year period, while Banana
Republic registered a 1% increase compared with a 5% rise in Mar
2012. However, Old Navy's comps slumped 2% versus an 11% increase
in March last year.
The company witnessed continued strength in its namesake and
Banana Republic brands' jeanswear and woven tops. However, comps at
Gap's Old Navy brands were negatively impacted by an earlier shift
in Easter timings.
Further, the company indicated that the comps results for March
this year are compared with the 5-week ended Apr 7, 2012, due to
the inclusion of the 53rd week in fiscal 2012. March comps remained
strongest in the first 4 weeks but were weakest in the last
Concurrently, 3 other retailers - Zumiez Inc. ( ZUMZ ), Ross
Stores Inc. ( ROST ) and
Buckle Inc. ( BKE ) - reported
same-store sales for the month of March. Comps growth at Zumiez and
Ross Stores were 2.1% and 2%, respectively, while comps remained
flat at Buckle.
However, Gap's net sales for the 5-week period summed to $1.56
billion compared with the year-ago period sales of $1.46 billion,
representing a 7% year-over-year increase. Management said that the
net sales results were compared with the 5-week period ended Mar
31, 2012, which did not include the peak sales week of Easter.
This Zacks Rank #2 (Buy) company is scheduled to release its
April sales results on May 9, 2013.BUCKLE INC (BKE): Free Stock Analysis ReportGAP INC (GPS): Free Stock Analysis ReportROSS STORES (ROST): Free Stock Analysis ReportZUMIEZ INC (ZUMZ): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment