Gap Inc. (GPS) Reports Decrease in May Same-Store Sales
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Gap Inc. (NYSE: GPS) reported net sales of $1.19 billion for the four-week period ended June 2, 2007, which represents a 2 percent increase compared with net sales of $1.16 billion for the four-week period ended May 27, 2006.
Due to the 53rd week in fiscal year 2006, May 2007 comparable store sales are compared to the four- week period ended June 3, 2006. The company's comparable store sales for May 2007 decreased 3% compared with a 6% decrease as reported for May 2006.
Gap North America: -7% vs -5% last year, Banana Republic North America: +3% vs +3% last year, Old Navy North America: -3% vs -8% last year, International: flat vs -13% last year.
Year-to-date net sales of $4.75 billion for the 17 weeks ended June 2, 2007, increased 3 percent compared with net sales of $4.61 billion for the 17 weeks ended May 27, 2006. Due to the 53rd week in fiscal year 2006, fiscal year 2007 year-to-date comparable store sales are compared with the 17 weeks ended June 3, 2006. The company's year-to-date comparable store sales decreased 4% compared with an 8% decrease as reported in the prior year.
Due to the 53rd week in fiscal year 2006, May 2007 comparable store sales are compared to the four- week period ended June 3, 2006. The company's comparable store sales for May 2007 decreased 3% compared with a 6% decrease as reported for May 2006.
Gap North America: -7% vs -5% last year, Banana Republic North America: +3% vs +3% last year, Old Navy North America: -3% vs -8% last year, International: flat vs -13% last year.
Year-to-date net sales of $4.75 billion for the 17 weeks ended June 2, 2007, increased 3 percent compared with net sales of $4.61 billion for the 17 weeks ended May 27, 2006. Due to the 53rd week in fiscal year 2006, fiscal year 2007 year-to-date comparable store sales are compared with the 17 weeks ended June 3, 2006. The company's year-to-date comparable store sales decreased 4% compared with an 8% decrease as reported in the prior year.
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