Gap Inc on Thursday reported that January 2012 net sales decreased 1 percent compared with last year.
Net sales for the four-week period ended 28 January 2012 were USD833 million compared with net sales of USD843 million for the four-week period ended 29 January 2011. The company’s comparable sales for January 2012, which include the associated comparable online sales, were down 4 percent compared with a 3 percent increase for January 2011.
In addition, the company reported that net sales for the fourth quarter of fiscal year 2011, which ended 28 January 2012, decreased 2 percent to USD4.28 billion compared with USD4.36 billion for the fourth quarter last year. The company’s comparable sales for the fourth quarter of fiscal year 2011, which include the associated comparable online sales, were down 4 percent compared with a 1 percent increase in the fourth quarter last year.
"January was largely clearance-based, and we’re pleased we successfully cleared holiday inventory," said Glenn Murphy, chairman and chief executive officer of Gap Inc. "As we transition to a new year, our teams are focused on making the necessary steps to improve our business performance in 2012."