• Franchise net sales increased 43 percent compared with last year. The company recently announced two new agreements signed during the first quarter to introduce Gap brand to Serbia and Ukraine. • The company continued to drive forward on its growth initiatives including the signing of two new leases to take Athleta into the heart of New York's Upper West and Upper East Side districts later this year.
First Quarter Comparable Sales Results
The company's first quarter comparable sales were down 3 percent compared with a 5 percent increase in the first quarter last year. The company's comparable sales include the associated comparable online sales. For the first quarter of fiscal year 2011, online sales positively affected comparable sales for Gap Inc. by 2 percentage points.
Comparable sales for the first quarter of fiscal year 2011, including the associated comparable online sales, were as follows:
• Gap North America: negative 3 percent versus positive 3 percent last year • Banana Republic North America: negative 1 percent versus positive 6 percent last year • Old Navy North America: negative 2 percent versus positive 6 percent last year • International: negative 6 percent versus flat last year
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