Gap Inc.’s net sales for the third quarter increased percent to USD3.86 billion compared with USD3.59 billion for the third quarter last year. Net income for the period was USD308 million, up 60 percent compared with the same period last year,
The company said the strong 3Q earnings underscore its continued progress on key business strategies.
Glenn Murphy, chairman and chief executive officer of Gap Inc., said the company is posited to compete and win this holiday season as it strives to build upon the top line growth.
In North America, Gap, Banana Republic, and Old Navy each delivered positive comparable sales for the third consecutive quarter. Total net sales for the Gap Inc. Direct division increased 23 percent to USD509 million compared with USD414 million last year, and the company launched e-commerce in Japan.
Net sales outside of the US and Canada (including Gap Inc. Direct and Franchise) increased 7 percent, and the company opened its first Gap Outlet store in China in September. The company opened 8 Athleta stores in the quarter, toward its goal of about 50 stores by the end of 2013.
Recently, the company announced a transition to a global brand management structure to support long-term growth.