San Francisco-based Gap Inc. reports net sales for the first quarter of fiscal 2012 grew 6 percent compared with last year, and April 2012 net sales were flat compared with 2011.
First quarter comparable sales, which include the associated comparable online sales, increased 4 percent compared with a 3 percent decrease in the first quarter last year. For the month of April, same-store sales dropped 2 percent.
“We delivered a solid first quarter as spring product continued to do well across all brands,” says Glenn Murphy, chairman and chief executive officer of Gap Inc.
Among its brands, first quarter comparable sales results were:
•Gap North America: up 5 percent
•Banana Republic North America: up 5 percent
•Old Navy North America: up 4 percent
•International: down 4 percent
For the month of April, comparable sales results were:
•Gap North America: up 4 percent
•Banana Republic North America: up 1 percent
•Old Navy North America: down 6 percent
•International: down 6 percent