May 25, 2018
Net income was down 8% to $165 million from $180 million on a 1% increase in sales to $2,025 million against $2,001 million for the first quarter ended May 5 with comp store sales down 2.8%.
Net income increased 3% to $21,509,000 from $20,910,000, benefitting from a lower tax rate, but the operational results were less impressive, as sales were down slightly to $274,707,000 from $275,688,000 and same store sales slipped 0.3% in the first quarter ended May 5.
The two struggling retail chains, both owned by Golden Gate Capital, are considering combining operations and lowering their door count form a current 700, according to Reuters.
Sales increased 33% to $269 million from $202 million in GPS’ Other segment, which includes Athleta and Intermix, in the first quarter ended May 5.