California Apparel News

Same-store sales for Gap Inc.’ssecond quarter of 2018 increased 2 percent compared with the same period in 2017, said Art Peck, Gap Inc.’s president and chief executive officer.

“We delivered our seventh consecutive quarter of positive comparable sales growth, led by the strength of Old Navy,” he said.

Gap Inc.’s net sales for the second quarter ending Aug. 4 were $4.1 billion, which was up 8 percent from the same period last year. Net income for the recent quarter was $297 million, compared with $271 million for the same quarter last year.

The San Francisco–headquartered specialty-store giant broke down global second-quarter sales results from its three main divisions. Old Navy’s same-store sales jumped 5 percent, Banana Republic’ssame-storesaleswere up 2 percent, and Gap’s same-store sales declined 5 percent.

During the second quarter, Banana Republic’s sales improved markedly, which helped the company’s overall sales results, said Teri List-Stoll, Gap Inc.’s chief financial officer. “Our work to increase productivity is funding investments in the business to drive differentiation and continued growth,” she noted.

The second-quarter results beat Wall Street’s estimates. A Thomson Reuters survey of Wall Street analysts forecasted the company would earn $0.72 per share during the second quarter, but the company earned $0.76 per share.