Dallas, Texas 08/11/2014 (FINANCIALSTRENDS) – The Gap, Inc. (NYSE:GPS), clothes retailer with several popular brands in its ownership, reported surge in stock prices following guidance for the next quarter and increase in same-store sales by 2%. Following the announcement of its second quarterly results, San Francisco-based retailer saw prices jump by 4.9%, closing the trading day at $42.15.
In the second quarter marked progress on two of its brands, while the namesakebrand lost some sheen among apparel buyers.
The Gap, Inc. (NYSE:GPS) also noted that part of the gains were due to the sale of some of its assets during the quarter.
The Gapcomps sale as per its brands, showed that Gap Global lost 5% and upwards in terms of sales. This was in contrast to last-year’s 6% gains for the same period. Its other brand Banana Republic Global saw flat growth rate. This was an improvement over the previous year’s fall in sales by 1%, noted in the financial results of the 2013. The winning glory in the brand sales comparison saw Old Navy Global brand mark an increase in sales by 4%, though this was lesser than the increase the stock saw in the 2013 at 6% gains.
The Gap, Inc. (NYSE:GPS) is currently upbeat, with recent US statesman Kerry’s visit to Myanmar. According to a June news piece, The Gap will begin production of garments at two local facilities. The line-up of products made in Myanmar will be retailed in US stores by summer.
Vicky Bowman, director of Myanmar Center for Responsible Business, in an email statement referring to Myanmar that foreign businesses participation, explained that “expectations of higher standards from their suppliers and business partners,” has led to locals being trained and supported to ensure the standards are matched, marking the pathway of growth for local economic growth.