For its fiscal year that ended in early February 2024, San Francisco-based specialty apparel company Gap Inc. reported net sales of $14.9 billion(US) across its portfolio of brands that include Old Navy, Gap, Banana Republic, and Athleta. Net sales were down five percent compared to the previous year, inclusive of an estimated two percentage points of negative impact from the sale of Gap China. The addition of the 53rd week contributed about one percentage point of growth to the full year. Comparable sales were down two percent year-over-year. The company ended the year with 3,560 store locations in over 40 countries, of which 2,562 were company operated. Online sales decreased seven percent compared to last year and represented 37 percent of total net sales. By brand, full year net sales of $8.2 billion(US) at Old Navy stores were flat versus last year. Comparable sales were down one percent. At Gap stores, full year net sales were $3.3 billion(US), down eleven percent versus last year. Excluding the estimated negative impact to sales of seven percentage points related to the sale of Gap China, sales would have been down four percent versus last year. Comparable sales at Gap stores were up one percent. Full year net sales in the Banana Republic chain were $1.9 billion(US) down eight percent compared to the previous year and comparable sales were down seven percent and at the Athleta stores, full year net sales of $1.4 billion(US) were down eight percent versus last year. Comparable sales at Athleta stores were down twelve percent. “The fourth quarter exceeded expectations on several key metrics along with market share gains, reflecting improved trends at Old Navy and Gap and strong continued progress on margins and cash flow,” said Gap Inc. President, CEO Richard Dickson. Gap Inc net sales in the fourth were $4.3 billion, up one percent compared to last year. “The financial and operational rigor we have worked to develop, and will continue to pursue, is enabling us to focus on reinvigorating our brands with the goal of generating profitable growth and value for shareholders. While there is a lot of work to do, I am inspired by the team’s commitment and energized by the opportunities ahead.” Operating since 1969, Gap Inc. offer clothing, accessories, and lifestyle products for men, women and children under its four brand. The company entered the Canadian market with its first store in Vancouver in 1989. Presently there are about 75 Gap stores across Canada, about 107 Old Navy stores, approximately 56 Banana Republic locations and about twelve Athleta in British Columbia, Alberta and Ontario.
Gap Canada, 9500 McLaughlin Rd North, Brampton, Ontario L6X 0B8 (416/921-2711www.gapcanada.ca)
Gap Inc., 2 Folsom St., San Francisco, California 94105 (800/333-7899 www.gapinc.com)