World's largest specialty retailers Gap Inc reported net sales of $1.17 billion for the four-week period ended August 27, 2005, which represents a 5 percent decrease compared with net sales of $1.23 billion for the same period ended August 28, 2004. The company's comparable store sales for August 2005 decreased 9 percent compared with a 1 percent decrease in August 2004.
Comparable store sales by division for August 2005 were as follows:
* Gap North America: negative 7 percent versus negative 1 percent last year. * Banana Republic North America: negative 6 percent versus flat last year. * Old Navy North America: negative 11 percent versus negative 1 percent last year. * Gap International: negative 6 percent versus negative 10 percent last year.
“The negative trends that discussed on second quarter earnings call continued and as such, August sales results were disappointing and merchandise margins were slightly below last year," said Sabrina Simmons, Senior Vice President, Treasury and Investor Relations.
Year-to-date net sales of $8.5 billion for the thirty weeks ended August 25, 2005; decreased 1 percent compared with net sales of $8.6 billion for the same period ended August 28, 2004. The company's year-to-date comparable store sales decreased 5 percent compared with a 3 percent increase in the prior year.
As of August 25, 2005, Gap Inc operated 3,050 store locations compared with 3,016 store locations last year.
Gap Inc, which is global retailer, has about 3,000 stores and fiscal 2004 revenues of $16.3 billion. Company operates three of the most recognized apparel brands in the world Gap, Banana Republic and Old Navy. Every day, they look for new ways to connect with customers around the world, provide value to their shareholders and make a positive contribution in the communities where company do business.
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