) posted February comparable-store sales growth of 3% (comps)
that surpassed analyst expectations. This also compares to a 4%
comps increase recorded in the comparable prior-year period.
During the month, the company's results benefited from comps
gains at its global namesake and Old Navy brands, offset by comps
decline at the Banana Republic brand.
Comps at Gap Global increased 2% against a 2% decline recorded in
the prior-year period, while Old Navy registered a 6% increase
compared to a 5% increase last February. However, Banana
Republic's comps slumped 5% versus a 11% increase in February
Positive results at the Gap and Old Navy brands were mainly
attributed to improved sales of jeans and woven tops at these
brands. Further, the company indicated that the comps results for
February this year are compared with the 4 weeks ended Mar 3,
2012, due to the inclusion of the 53rd week in fiscal 2012.
Concurrently, 3 other retailers -
Costco Wholesale Corporation
Limited Brands Inc.
) - reported same-store sales for the month of February. Comps
growth at Costco and Limited Brands were 6% and 3%, respectively,
while comps declined 2% for Buckle.
Gap's net sales for the four-weeks ended Mar 2, 2013 summed to
$966 million compared with the year-ago period (4 weeks ended Feb
25, 2012) sales of $874 million, representing a 10.5%
This Zacks Rank #2 (Buy) company is scheduled to release its
March sales results on Apr 11, 2013.
Last week, the company reported fourth quarter earnings of 73
cents a share, soaring 65.9% from 44 cents reported in the
comparable prior-year quarter. Further, the quarterly earnings
came in above the Zacks Consensus Estimate of 71 cents. Gap's net
sales increased 10.3% year over year to $4,725.0 million from
$4,283.0 million in the previous-year quarter.
Going forward, Gap expects fiscal 2013 earnings in the range of
$2.52-$2.60 per share, an increase of 8%-12% from fiscal
BUCKLE INC (BKE): Free Stock Analysis Report
COSTCO WHOLE CP (COST): Free Stock Analysis
GAP INC (GPS): Free Stock Analysis Report
LIMITED BRANDS (LTD): Free Stock Analysis
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