Gap reports November comparable sales down 1%
Gap Inc. reported that net sales for the four-week period ended November 26 were $1.53B compared with $1.57B for the four-week period in 2015. "While November traffic trends remained challenging, we are encouraged that performance improved in the back half of the month and we remain focused on executing our holiday plans," said CFO Sabrina Simmons. Gap Inc.'s comparable sales for November were down 1% versus an 8% decrease last year. The company estimated that the fire, which occurred in a building on its Fishkill distribution center campus, negatively impacted Gap Inc.'s November comparable sales by approximately 3 percentage points. Additionally, the company noted that the majority of the fire-related negative impact to comparable sales during 4Q16 occurred in November. Comparable sales by global brand for November were as follows: Gap Global: negative 3%, including an estimated negative impact from the Fishkill fire of approximately 4 percentage points, versus negative 4% last year. Banana Republic Global: positive 5%, including an estimated negative impact from the Fishkill fire of approximately 3 percentage points, versus negative 19% last year. Old Navy Global: negative 2%, including an estimated negative impact from the Fishkill fire of approximately 1 percentage point, versus negative 9% last year.