Gap Reports Holiday Sales Results, Shares Move Lower

Gap Inc GPS reported Thursday that net sales were up 4 percent and comparable sales were positive 3 percent for the November and December 2014 holiday shopping season, compared with last year.

Net sales for the five-week period ended January 3, 2015, increased 2 percent to $2.10 billion, compared with net sales of $2.05 billion for the five-week period ended January 4, 2014.

Gap’s comparable sales for December 2014 were up 1 percent versus flat last year.

Comparable sales by global brand for December 2014 were as follows: Gap Global was negative 5 percent versus positive 1 percent last year; Banana Republic Global was flat versus flat last year; Old Navy Global was positive 8 percent versus negative 2 percent last year.

“During November and December, we were pleased to achieve a positive 3 comp, led by Old Navy with a very strong 12 comp for the combined holiday months,” said Glenn Murphy, chairman and chief executive officer of Gap.

Gap traded at $42.50 in the after-hours session, down 1.4 percent.