Gap upswing fuelled by strong international sales
07 June 2010 09:45
Official figures from Gap Inc show that its steady improvement has continued through the month of May, with net sales were up 2% from last year – with its international businesses performing particularly well. Net sales for the four-week period ended May 29th 2010 were $1.05 billion compared with net sales of $1.03 billion for the four-week period ended May 30th 2009. The company's comparable store sales for May 2010 increased 1% compared with a 6% decrease in May 2009.
Comparable store sales for May 2010 were as follows: Gap North America: negative 2% versus positive 3% last year; Old Navy North America: positive 1% versus positive 3% last year; International positive 8% versus negative 7% last year.
"In May, we continued to deliver on our overarching goal of driving sales growth" said Sabrina Simmons, chief financial officer of Gap Inc.
Year-to-date net sales were $4.38 billion for the 17 weeks ended May 29th 2010; an increase of 5% compared with net sales of $4.16 billion for the 17 weeks ended May 30th 2009. The company's year-to-date comparable store sales increased 3% compared with a 7% decrease last year.
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