Gap Inc reported net sales of $1.45 billion for the five-week period ended July 7, 2007, which represents a 4 percent decrease compared with net sales of $1.51 billion for the five-week period ended July 1, 2006.
Due to the 53rd week in fiscal year 2006, June 2007 comparable store sales are compared to the five-week period ended July 8, 2006. On this basis, the company's comparable store sales for June 2007 decreased 5 percent compared with a 6 percent decrease in June 2006.
Comparable store sales by division for June 2007 were as follows:
• Gap North America: negative 9 percent versus negative 4 percent last year
• Banana Republic North America: positive 6 percent versus negative 4 percent last year
• Old Navy North America: negative 7 percent versus negative 6 percent last year
• International: flat versus negative 14 percent last year
"June was a transitional month as all of our brands made progress clearing through summer merchandise," said Sabrina Simmons, senior vice president, corporate finance at Gap Inc. "Our total company merchandise margins were in line with last year."
Year-to-date net sales of $6.20 billion for the 22 weeks ended July 7, 2007, increased 1 percent compared with net sales of $6.11 billion for the 22 weeks ended July 1, 2006. Due to the 53rd week in fiscal year 2006, fiscal year 2007 year-to-date comparable store sales are compared to the 22 week period ended July 8, 2006. On this basis, the company's year-to-date comparable store sales decreased 4 percent, compared with an 8 percent decrease in the prior year.
As of July 7, 2007, Gap Inc. operated 3,140 store locations compared with 3,080 store locations on July 1, 2006.
marketing@alchempro.com
