Gap Jumps as Sales Call Leaked
A pre-recorded sales call with Gap (NYSE: GPS) management was leaked on Thursday, causing shares of the retailer to be halted as it spiked higher on heavy volume.
The February sales pre-recorded conference was leaked on Seeking Alpha and showed a 11 percent jump in revenue to $966 million for the four week period ended March 2, 2013.
Comparable company sales rose three percent compared to last year. The company noted that the "8 percentage point difference between the comp growth and the total sales growth was driven largely by the calendar year shift, as February 2013 drops off a lower volume week and picks up a higher volume week versus last year."
The retailer laid out its global comps as follows: "Gap Inc., positive 3% versus positive 4% last year; Gap brand Global, positive 2% versus negative 2% last year; Banana Republic Global, negative 5% versus positive 11% last year; Old Navy Global, positive 6% versus positive 5% last year."
“Building on our successful 2012 performance, we're pleased with the company's overall sales results in February,” said Glenn Murphy, chairman and chief executive officer of Gap.
In early trade, the stock had spiked around three percent and was sitting at $35.54. Volume has been heavy in the wake of the leaked sales data.
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