Retailer News

Discount Store News, June 8, 1998

Retailer News - The Gap Inc., reported record sales of $1.2 billion and record earnings of $136.1 million for the first quarter of its fiscal 1998 ended May 2. That represents a 40% increase in sales and a 17% gain in profits versus the same period in 1997. Comps increased 17% in the quarter compared to a 3% decrease in the first three months of 1997.

While the company said growth in all its division played a roll in overall growth, it may be noted that between the end of the first quarter of 1997 and that of 1998, 97 Old Navy stores were opened. That represents an almost 50% increase in the number of locations, all of which are in he United States. In contrast, the next fastest growing division in terms of stores is The Gap (with 84 added), which has stores in Canada, Japan and Europe, as well as the United States.