"After a disappointing start, I'm pleased with how the business performed toward the end of the quarter, especially at
As reinforced at its annual investor meeting last month, during the quarter the company continued to focus on its strategic initiatives - global growth, omni-channel strategies, a seamless inventory model and a responsive supply chain - designed to achieve long-term, profitable growth across its portfolio of brands. Additional Financial and Business Highlights During the first quarter of fiscal year 2014,
Gap brand debuted in
With six new store openings during the first quarter of fiscal year 2014, the company continued to grow its Athleta brand, bringing together fashion and performance to create premium, versatile products for its customers.
The company increased online net sales 13 percent to
Net sales increased 2 percent on a constant currency basis for the first quarter of fiscal year 2014. In calculating net sales growth on a constant currency basis, current year foreign exchange rates are applied to both current year and prior year net sales. This is done to enhance the visibility of underlying business trends, excluding the impact of foreign currency exchange rate fluctuations.
The company's first quarter comparable sales decreased 1 percent compared with a 2 percent increase in the first quarter of last year.
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