Gap Inc. reported that net sales for the first quarter increased 6 percent to $3.49 billion from $3.30 billion last year. The company’s comparable sales, which include the associated comparable online sales, were up 4 percent compared with a 3 percent decrease in the first quarter last year.
April net sales were $1.15 billion, flat with last year. The company’s comparable sales for April, which include the associated comparable online sales, were down 2 percent compared with an 8 percent increase in the prior year.
“We delivered a solid first quarter as spring product continued to do well across all brands,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.
The company expects earnings per share for the first quarter to be in the range of $0.44 to $0.46. As a result of sales performance, the company expects inventory dollars per store at the end of the first quarter to be below its previous guidance of about flat on a year-over-year basis.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.40 per share. Analysts’ estimates typically exclude special items.