Gap (GPS) Reports August Sales Down 5%; Comp Store Sales Down 8%
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Gap (NYSE: GPS) reported net sales of $1.14 billion for the four-week period ended August 30, 2008, which is a decrease of 5% as compared with net sales of $1.20 billion for the same period ended September 1, 2007. Gap's comparable store sales for August 2008 decreased 8% compared with a 1 percent decrease for August 2007.
"Consistent with our strategy, we are pleased that we delivered merchandise margins above last year," said Sabrina Simmons, chief financial officer of Gap Inc. "Moving forward, each division remains focused on executing product and store strategies for fall."
Gap Inc. is a leading global specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, and Piperlime brand names.
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