Gap has joined the list of retailers who saw a dip in Christmas trading with like-for-like sales falling 6% in December. International sales, which covers the retailer's UK operation, dropped 1% against an 8% drop for the same period last year.
Group sales were down 6% to $2.20 billion (£1.12 billion) over the five weeks to January 5th, against $2.34 billion (£1.19 billion) for the five-week period to December 30, 2006
Executive vice president of finance and acting chief financial officer of Gap Sabrina Simmons said: "We were pleased that merchandise margins in December were significantly above last year, which is consistent with our strategy of delivering earnings with healthy margins. However, we did not sell through as much inventory as we anticipated, and we’ll focus on clearing through remaining holiday product this month.”
Sales for the 48 weeks to January 5 of $14.83 billion (£7.56 billion) were up 1% against the same period to December 30 2006..
Executive vice president of finance and acting chief financial officer of Gap Sabrina Simmons said: "We were pleased that merchandise margins in December were significantly above last year, which is consistent with our strategy of delivering earnings with healthy margins. However, we did not sell through as much inventory as we anticipated, and we’ll focus on clearing through remaining holiday product this month.”
Sales for the 48 weeks to January 5 of $14.83 billion (£7.56 billion) were up 1% against the same period to December 30 2006..
You might also like...
House of Fraser hits Mulberry’s bottom line
Mulberry made a loss before tax of £8.2m for the six months to 30 September 2018, up from a loss of £600,0000 for the same period in 2017, following House of Fraser’s fall into administration and costs associated with launching into Korea.
Storm Deirdre hits early December footfall
Footfall dipped by 0.1% last week, compared with the same period in 2017, as Storm Deirdre brought heavy rain on Saturday.
Christmas shoppers bring joy to high street
Multiples and independents have reported better-than-expected sales in December, despite concerns about weak consumer confidence.
December footfall drops
Footfall across retail parks, shopping centres and the high street fell by 2.6% year on year in December, according to the latest report by Springboard.
Have your say
You must sign in to make a comment
Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.