Gap (GPS) Reports Comparable Store Sales Down 10%

Gap Inc. (NYSE: GPS) reported net sales of $1.29 billion for the five-week period ended July 4, 2009, which represents a 9% decrease compared with net sales of $1.41 billion for the five-week period ended July 5, 2008. Gap's comparable store sales for June 2009 were down 10%.

"June was a transitional month as all of our brands made progress clearing through summer merchandise," said Sabrina Simmons, chief financial officer of Gap Inc. "We're pleased that our total company merchandise margins were above last year."
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