Gap (GPS) Reports August Comps Declined 2%

Gap Inc. (NYSE: GPS) today reported that August net sales were flat compared with last year. Net sales were $1.23 billion for each of the four-week periods ended August 30, 2014 and August 31, 2013.

"We’re encouraged by the positive momentum at Old Navy, while focused on the necessary steps to drive improved performance across our portfolio of brands in the back half,” said Glenn Murphy, chairman and chief executive officer, Gap Inc.

August Comparable Sales Results

Gap Inc.’s comparable sales for August 2014 were down 2 percent versus a 2 percent increase last year. Comparable sales by global brand for August 2014 were as follows:

Gap Global: negative 6 percent versus positive 2 percent last year
Banana Republic Global: negative 2 percent versus positive 2 percent last year
Old Navy Global: positive 2 percent versus positive 1 percent last year

The company noted that Gap brand’s August 2014 sales performance will likely put pressure on the brand’s gross margins in September 2014.

Additional insight into Gap Inc.’s sales performance is available by calling 1-800-GAP-NEWS (1-800-427-6397). International callers may call 706-902-4949. The recording will be available at approximately 1:00 p.m. Pacific Time on September 4, 2014 and available for replay until 1:00 p.m. Pacific Time on September 12, 2014.

September Sales

The company will report September sales on October 9, 2014.

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