Old Navy buoys Gap Inc. again
Surging sales at Old Navy helped Gap Inc. offset sales declines at its namesake division and its Banana Republic stores in March.
Gap Inc. reported that net sales for the five-week period ended April 4 increased 1 percent to $1.53 billion compared with net sales of $1.51 billion for the five-week period ended April 5.
“We are especially pleased with the strong customer response to Old Navy during this peak spring shopping month, and we remain focused on the steps necessary to drive improved product consistency across our entire portfolio,” said Sabrina Simmons, chief financial officer, Gap Inc.
By division, Gap's global same-store sales fell 7%, the 11th consecutive monthly decline. Banana Republic's global sales fell 3%. In comparison, Old Navy's same-store sales surged 14% from the year-ago period.
Gap Inc. operates 3,300 stores all over the world.
Images courtesy of AT&T
AT&T has opened one of its largest stores yet, a 9,000-sq. ft. location on Boylston Street in Boston.
The store, which is just a few steps away from the finish line of the Boston Marathon, sets itself apart with an all-glass front and space that spans two floors. A Boston flavor is prevalent throughout the space, starting with an oversized Boston Marathon-themed mural.
The store is divided into three areas, with each designed to match AT&T customers’ mobile lifestyles. Traditional cash register counters have been replaced by round, café-style tables that allow side-by-side interaction with retail consultants. These consultants are equipped with tablets supported by a mobile point-of-sale system that allows them to help customers anywhere in the store.
Bath products and bras lift L Brands in March
L Brands continued to be a bright spot in specialty retail in March, reporting a 9% increase in same-store sales.
The company said an earlier Easter and the spring break season helped its March sales increase 6% from the year before. L Brands is the owner of Victoria’s Secret, Bath & Body Works and its own eponymous brand. The company reported brisk sales at Victoria's Secret and Bath & Body Works in March.
For the five weeks ended Saturday, sales rose to $981.2 million, helped by the early Easter holiday.For the nine weeks ended Saturday, net sales increased 7%.
In its most recently ended quarter, net sales at the Ohio-based retailer rose 7%. In February, L Brands raised its annual dividend by 47% and announced a special dividend of $2 a share.
L Brands operates 2,600 stores under various banners all oevr the world.