Gap Inc. (GPS) Reports November Same-Store Sales Decrease
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Gap Inc. (NYSE: GPS) reported net sales of $1.40 billion for the four-week period ended November 25, 2006, which represents a 2 percent decrease compared with net sales of $1.43 billion for the same period ended November 26, 2005.
The company's comparable store sales for November 2006 decreased 8% compared with a 4% decrease in November 2005.
By division: Gap North America: -7%, Banana Republic North America: -1%, Old Navy North America: -10%, Gap International: -8%
"Overall, November was a challenging month as negative traffic trends persisted," said Sabrina Simmons, senior vice president, corporate finance, Gap Inc. "Promotional and markdown activities at Gap and Old Navy drove total company merchandise margins below last year, and we expect pressure on merchandise margins to continue into December."
The company's comparable store sales for November 2006 decreased 8% compared with a 4% decrease in November 2005.
By division: Gap North America: -7%, Banana Republic North America: -1%, Old Navy North America: -10%, Gap International: -8%
"Overall, November was a challenging month as negative traffic trends persisted," said Sabrina Simmons, senior vice president, corporate finance, Gap Inc. "Promotional and markdown activities at Gap and Old Navy drove total company merchandise margins below last year, and we expect pressure on merchandise margins to continue into December."
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