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Gap Reports Good 2013 Biz and Growth in 2014
Gap Inc. reported results for the fourth quarter of its 2013 year and its overall fiscal 2013 results on Feb. 27.
The San Francisco–based retailer reported its fourth-quarter same-store sales rose 1 percent, compared with a 5 percent increase in the fourth quarter of 2013. Net sales for its 2014 fourth quarter were $4.58 billion, compared with $4.73 billion from the fourth quarter of 2013.
Net sales for its 2013 fiscal year were $16.15 billion, and its same-store sales for the year were up 2 percent.
Glenn Murphy, chairman and chief executive officer for Gap Inc., said the results marked a successful year for Gap. “We are pleased to deliver another year of profitable growth for our shareholders,” Murphy said in a statement. “Engaging customers across our multi-channel portfolio of brands positions us well on our path to winning in the global marketplace.”
The retail giant’s online net sales increased 21 percent to $2.26 billion in fiscal 2013. It also said that it will open 30 more Gap stores in China in 2014. It will open five stores for its Old Navy brand in China in 2014 and 25 Old Navy stores in Japan in 2014. The company also plans to open 30 of its Athleta brand stores in the U.S. during 2014
