Gap Inc. reported a 7 percent increase in net sales for the first quarter of fiscal year 2013.
Glenn Murphy, chairman and chief executive officer of Gap Inc., said the sales performance was led by its largest brands Gap and Old Navy.
Net sales for the first quarter, which ended 4 May 2013 were USD3.73 billion compared with USD3.49 billion for the first quarter last year.
Due to the 53rd week in fiscal year 2012, comparable sales for April 2013 and the first quarter of fiscal year 2013, respectively, are compared to the four-week and 13-week periods ended 5 May 2012.
On this basis, the company’s comparable sales for April 2013 were up 7 percent compared with a 2 percent decrease for April 2012 and the company’s first quarter comparable sales were up 2 percent compared with a 4 percent increase in the first quarter last year.