Gap Inc reports July sales
09 August 2010 09:29
Gap Inc has reported a welcome 3% bump in its monthly net sales. For the four-week period ended July 31st 2010 net sales rose to $948 million compared with net sales of $924 million for the four-week period ended August 1st 2009. The company's comparable store sales for July 2010 were up 1% compared with an 8% decrease in July 2009.
"We're pleased that we delivered top line sales growth for July and the second quarter and that all of our brands cleared summer merchandise," said Sabrina Simmons, chief financial officer of Gap Inc.
"Looking ahead, we're focused on offering customers strong value for back to school."
Comparable store sales for July 2010 were as follows: Gap North America, negative 6% versus negative 9% last year; Banana Republic North America, positive 2% versus negative 7% last year, Old Navy North America, positive 6% versus negative 8% last year with international sales positive 3% versus negative 4% last year.
For the thirteen weeks ended July 31st 10, total company net sales were $3.32 billion, which is an increase of 2% compared with net sales of $3.25 billion for the thirteen weeks ended August 1st 09. The company's second quarter comparable store sales increased 1%compared with a decrease of 8%in the second quarter last year.
Comparable store sales for the second quarter of fiscal year 2010 were as follows: Gap North America, negative 4% versus negative 10% last year; Banana Republic North America, positive 3% versus negative 15% last year; Old Navy North America, positive 2% versus negative 4% last year with international sales positive 3% versus negative 5% last year.
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