Home / Knowledge / News / Fashion / Gap Inc Comparable Store sales down 16%
Gap Inc Comparable Store sales down 16%
11
Nov '08
Gap Inc reported net sales of $1.08 billion for the four-week period ended November 1, 2008, which is a decrease of 12 percent as compared with net sales of $1.23 billion for the same period ended November 3, 2007. The company's comparable store sales for October 2008 decreased 16 percent compared with an 8 percent decrease for October 2007.

Comparable store sales by division for October 2008 were as follows:

- Gap North America: negative 14 percent versus negative 7 percent last year
- Banana Republic North America: negative 17 percent versus negative 2 percent last year
- Old Navy North America: negative 20 percent versus negative 11 percent last year
- International: negative 5 percent versus negative 6 percent last year

“In October, we continued to deliver merchandise margins significantly above last year despite the tough market conditions,” said Sabrina Simmons, chief financial officer of Gap Inc. “We are reaffirming our full year earnings guidance and will continue to use inventory and cost management to offset what we anticipate will be a challenging holiday season.”

Third Quarter Sales Results
For the thirteen weeks ended November 1, 2008, total company net sales were $3.56 billion, which is a decrease of 8 percent as compared with net sales of $3.85 billion for the thirteen weeks ended November 3, 2007. The company's third quarter comparable store sales decreased 12 percent compared with a decrease of 5 percent in the third quarter of the prior year.

Comparable store sales by division for the third quarter of fiscal year 2008 were as follows:

Gap North America: negative 7 percent versus negative 6 percent last year
Banana Republic North America: negative 11 percent versus positive 1 percent last year
Old Navy North America: negative 18 percent versus negative 8 percent last year
International: negative 1 percent versus negative 4 percent last year
Third Quarter and Fiscal Year Earnings Guidance

Gap Inc. expects diluted earnings per share on a GAAP basis for the third quarter to be $0.33 to $0.35, compared with diluted earnings per share of $0.30 for the third quarter of last year.

The company reaffirmed that it expects full year diluted earnings per share of $1.30 to $1.35 on a GAAP basis, compared with fiscal year 2007 diluted earnings per share of $1.05.

Third Quarter Earnings
Gap Inc. will release its third quarter earnings via press release on November 20, 2008, at 1:30 p.m. Pacific Time.

November Sales
The company will report November sales on December 4, 2008.

Gap Inc. is a leading global specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Piperlime and Athleta brand names.

Gap Inc


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search