Gap’s comparable sales for the first quarter of fiscal year 2017 were up two per cent versus a five per cent decrease last year.

Comparable sales for Old Navy were positive eight per cent in the first quarter this year versus negative six per cent last year. Gap reported negative four per cent versus negative three per cent last year and Banana Republic achieved negative four per cent versus negative 11 per cent last year.

The group has made substantial improvements in product quality and fit, and its increasing responsive capabilities are enabling it to better react to trends and demand. It is focused on delivering the best possible product and customer experience, and its ability to leverage a portfolio of iconic brands and operating scale uniquely positions the company for long-term growth.

It updated its diluted earnings per share guidance for the first half of fiscal year 2017 to be down mid-single digits when compared with the adjusted diluted earnings per share for the first half of fiscal year 2016.

Foreign currency fluctuations negatively impacted earnings per share for the first quarter of fiscal year 2017 by about nine percentage points of earnings per share growth.

Comparable sales for fiscal year 2017 are expected to be flat to up slightly.