US fashion retailer Gap Inc. on Thursday said net sales in March decreased 8 percent compared with last year.
Net sales for the five-week period ended on 2 April 2011 were USD1.33 billion compared with net sales of USD1.45b for the same period last year. The company’s comparable sales for March, which include the associated comparable online sales, were down 10 percent compared with an 11 percent increase for March 2010.
"Our overall March performance was impacted by the tragic events in Japan, as well as the Easter shift into late April," said Glenn Murphy, chairman and CEO of Gap Inc. "Our company has operated in Japan for more than 15 years, with over 150 stores today, so the devastating earthquake touched all of us at Gap Inc."
The company anticipates that the tragic events in Japan will negatively impact its first quarter diluted earnings per share by about USD0.04. First quarter diluted earnings per share is expected to be below the current mean first call consensus estimate of USD0.44.