Gap (GPS) Comps Increased 2% In December 2009

Gap Inc. (NYSE: GPS) today reported that December 2009 net sales were up five percent from last year. Net sales for the five-week period ended January 2, 2010 were $2.02 billion compared with net sales of $1.93 billion for the five-week period ended January 3, 2009. The company’s comparable store sales for December 2009 increased 2 percent compared with a 14 percent decrease in December 2008.

Comparable store sales for December 2009 were as follows:

• Gap North America: positive 1 percent versus negative 12 percent last year;
  
  
• Banana Republic North America: negative 3 percent versus negative 15 percent last year;
  
  
• Old Navy North America: positive 7 percent versus negative 16 percent last year;
  
  
• International: negative 1 percent versus negative 5 percent last year.

“We’re pleased that our planned promotions and holiday assortments allowed us to compete effectively while delivering merchandise margins significantly above last year,” said Sabrina Simmons, chief financial officer of Gap Inc.

Year-to-date net sales were $13.40 billion for the 48 weeks ended January 2, 2010, a decrease of 3 percent compared with net sales of $13.77 billion for the 48 weeks ended January 3, 2009. The company’s year-to-date comparable store sales decreased 4 percent compared with an 11 percent decrease last year.

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