Gap Inc. (San Francisco) reports net sales increased 8 percent to $3.86 billion for the third quarter ended October 27, 2012. Comparable sales grew 6 percent.
“We're very pleased with our strong third quarter financial performance, highlighted by how well customers have responded to our product,” says Glenn Murphy, chairman and ceo, Gap Inc. “We are ready to compete and win this holiday season as we drive to build upon our top line growth.”
Each of the company’s brands in North America, including Gap, Banana Republic and Old Navy, delivered positive comparable sales for the third consecutive quarter. Net sales outside of the U.S. and Canada were up 7 percent. During the time period, the company opened its first Gap Outlet store in China in September and eight Athleta stores.
Comparable sales across Gap’s brand portfolio:
• Gap North America: positive 7 percent
• Banana Republic North America: positive 6 percent
• Old Navy North America: positive 9 percent
• International: negative 3 percent