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Gap Inc reports June sales dip 2%
12
Jul '08
Gap Inc reported net sales of $1.41 billion for the five-week period ended July 5, 2008, which is a decrease of 2 percent as compared with net sales of $1.44 billion for the same period ended July 7, 2007. The company's comparable store sales for June 2008 decreased 7 percent compared with a 5 percent decrease for June 2007.

Comparable store sales by division for June 2008 were as follows:
• Gap North America: negative 5 percent versus negative 9 percent last year
• Banana Republic North America: negative 5 percent versus positive 6 percent last year
• Old Navy North America: negative 10 percent versus negative 7 percent last year
• International: negative 7 percent versus flat last year

“Our June sales events helped us successfully clear through summer merchandise at each brand,” said Sabrina Simmons, chief financial officer of Gap Inc. “As a result, we achieved total company merchandise margins significantly above last year, and our stores are well-positioned for early fall product."

Year-to-date net sales were $5.88 billion for the 22 weeks ended July 5, 2008, a decrease of 5 percent compared with net sales of $6.18 billion for the 22 weeks ended July 7, 2007. The company's year-to-date comparable store sales decreased 11 percent compared with a 4 percent decrease in the prior year.

Gap Inc


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