Most recognized apparel brands in the world Gap Inc reported net sales of $865 million for the four-week period ended February 25, 2006, which represents a 6 percent decrease compared with net sales of $922 million for the same period ended February 26, 2005.
The company's comparable store sales for February 2006 decreased 11 percent compared with a 3 percent decrease in February 2005.
Comparable store sales by division for February 2006 were as follows:
-- Gap North America: negative 7 percent versus negative 2 percent last year
-- Banana Republic North America: negative 11 percent versus negative 6 percent last year
-- Old Navy North America: negative 14 percent versus negative 1 percent last year
-- Gap International: negative 14 percent versus negative 8 percent last year
"In February, traffic worsened versus fourth quarter trends, which caused lower unit sales velocity.
This led to significantly lower merchandise margins," said Sabrina Simmons, Senior Vice President, Treasury and Investor Relations.
"Looking ahead, they are focused on driving traffic with improved product and new marketing campaigns that begin this week."
As of February 25, 2006, Gap Inc operated 3,053 store locations compared with 3,001 store locations last year.
Gap Inc is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy and Forth & Towne brand names.
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