Gap Inc reported net sales of $1.19 billion for the four-week period ended June 2, 2007, which represents a 2 percent increase compared with net sales of $1.16 billion for the four-week period ended May 27, 2006.
Due to the 53rd week in fiscal year 2006, May 2007 comparable store sales are compared to the four-week period ended June 3, 2006.
The company's comparable store sales for May 2007 decreased 3 percent compared with a 6 percent decrease as reported for May 2006.
Comparable store sales by division for May 2007 were as follows: • Gap North America: negative 7 percent versus negative 5 percent last year • Banana Republic North America: positive 3 percent versus positive 3 percent last year • Old Navy North America: negative 3 percent versus negative 8 percent last year • International: flat versus negative 13 percent last year
“In May, our overall summer merchandise sales remained mixed across the brands, and total company merchandise margins were above last year,” said Sabrina Simmons, senior vice president, corporate finance at Gap Inc.
Year-to-date net sales of $4.75 billion for the 17 weeks ended June 2, 2007, increased 3 percent compared with net sales of $4.61 billion for the 17 weeks ended May 27, 2006.
Due to the 53rd week in fiscal year 2006, fiscal year 2007 year-to-date comparable store sales are compared with the 17 weeks ended June 3, 2006.
The company's year-to-date comparable store sales decreased 4 percent compared with an 8 percent decrease as reported in the prior year.
As of June 2, 2007, Gap Inc operated 3,145 store locations compared with 3,070 store locations last year.
The company will report June sales on July 12, 2007.
marketing@alchempro.com
