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Gap reports higher sales for Q2, July


San Francisco -- Gap Inc. reported net sales of $3.87 billion for the second quarter of 2013, up 8% from $3.58 billion for the second quarter last year. Net sales for July of this year totaled $1.12 billion, close to 6% higher than $1.06 billion in July of the previous year.

Meanwhile, Gap and its Banana Republic and Old Navy brands had a tough July in terms of same-store sales but a pretty good second quarter. During July, Gap global same-store sales rose 7% as compared to 10% last year, while Banana Republic global same-store sales fell 1% as opposed to an 8% increase last year. Old Navy global same-store sales fell 5% last month compared to an 8% hike in July 2012.

However, except for Banana Republic the company had a successful second quarter for same-store sales. Gap global same-store sales grew 6% in Q2 2013, double the 3% growth recorded a year earlier, and Old Navy reported identical results. Banana Republic did not fare so well, reporting a 1% same-store sales decline compared to a 3% increase last year.

The company expects diluted earnings per share for the second quarter of fiscal year 2013 to be in the range of $0.62 to $0.64. This compares to diluted earnings per share for the second quarter of fiscal year 2012 of $0.49. Gap will release its full Q2 2013 earnings statement on Aug. 22.

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