Gap (GPS) May Comps Store Sales Fell 14%
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Gap Inc. (NYSE: GPS) comparable store sales for May 2008 decreased 14%. The company reported net sales of $1.09 billion, a decrease of 8%.
CFO Sabrina Simmons said, "We were pleased that merchandise margins in May were significantly above last year. However, Old Navy continues to be our biggest challenge. As we have stated, we are working to rebalance Old Navy’s mix of fashion and seasonal basic items, and expect to see improvements in the assortments by late fall."
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