Gap, Inc. (GPS) Comps Up 11% for March 2010

Gap, Inc. (NYSE: GPS) today reported that March 2010 net sales were up 12 percent from last year. Net sales for the five-week period ended April 3, 2010 were $1.45 billion compared with net sales of $1.29 billion for the five-week period ended April 4, 2009. The company’s comparable store sales for March 2010 increased 11 percent compared with an 8 percent decrease in March 2009.

Comparable store sales for March 2010 were as follows:

• Gap North America: positive 11 percent versus negative 14 percent last year
  
  
• Banana Republic North America: positive 10 percent versus negative 16 percent last year
  
  
• Old Navy North America: positive 13 percent versus flat last year
  
  
• International: positive 5 percent versus negative 5 percent last year

“We’re pleased that we continued to make progress on our goal of driving top line sales and that we delivered merchandise margins significantly above last year,” said Sabrina Simmons, chief financial officer of Gap Inc. “While we benefited from the Easter shift, our improved sales also reflect that customers are responding well to our brands’ spring assortments and value proposition.”

Year-to-date net sales were $2.28 billion for the nine weeks ended April 3, 2010, an increase of 10 percent compared with net sales of $2.08 billion for the nine weeks ended April 4, 2009. The company’s year-to-date comparable store sales increased 8 percent compared with a 10 percent decrease last year.

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