// Gap sales rise 1% to £4.7 billion
// However, comparable sales were down 1% during the period
// Sales at Banana Republic and Old Navy remained flat
Gap has seen its fourth quarter net sales top £4 billion thanks to “improvement in Old Navy’s performance”.
The fashion retail group’s sales rose by one per cent to £4.7 billion in the fourth quarter ended February 1.
However, comparable sales were down one per cent during the period.
READ MORE: Gap appoints Sonia Syngal as new CEO
On a comparable basis, sales at Gap fell by five per cent year-on-year while sales at Banana Republic and Old Navy remained flat.
Despite this, Gap interim chief executive Bob Fisher said the group began to see stabilisation in the business in the fourth quarter, driven primarily by improvement in Old Navy’s performance.
“While fiscal 2019 was a challenging year, I am proud of our teams and their commitment to Gap Inc,” Fisher said.
Meanwhile, recently appointed chief executive Sonia Syngal said the coronavirus outbreak meant the company was facing a period of uncertainty which could have an impact on its supply chain and customer demand.
“We are focusing on decisive actions that will ensure we emerge well positioned to compete in the years ahead, and I am impressed by how diligently the teams have navigated the events of the past weeks,” she said.
Syngal was appointed as Gap chief executive last week to replace Art Peck who stepped down late 2019.
Meanwhile, board member Bobby Martin was promoted to executive chairman, replacing current chair Bob Fisher – who has also been acting as interim chief executive since Peck’s departure.
Both appointments are effective from March 23.
In addition, Gap has announced that Old Navy chief financial officer Katrina O’Connell will be promoted to the role of Gap chief financial officer.
She will succeed Teri List-Stoll who has worked in the role since January 2017.
Syngal said: “Katrina brings more than two decades of Gap Inc experience across both brands and functions.
“Her command of finance, portfolio management and strategy, coupled with her strong operating capabilities from her time leading inventory management, make her uniquely qualified to take on this role.”