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Gap Inc steps back on Oct sales

03
Nov '06

Gap Inc reported net sales of $1.25 billion for the four-week period ended October 28, 2006, which represents a 3 percent decrease compared with net sales of $1.28 billion for the same period ended October 29, 2005. The company's comparable store sales for October 2006 decreased 7 percent compared with a 5 percent decrease in October 2005.

Comparable store sales by division for October 2006 were as follows:
* Gap North America: negative 4 percent versus negative 3 percent last year
* Banana Republic North America: positive 2 percent versus negative 8 percent last year
* Old Navy North America: negative 11 percent versus negative 6 percent last year
* International: negative 8 percent versus negative 9 percent last year.

"October was a transitional month as all brands continued fall clearance events and introduced initial holiday flows," said Sabrina Simmons, senior vice president, finance, Gap Inc.

Third Quarter Sales Results and Earnings Guidance:
For the 13 weeks ended October 28, 2006, total company net sales were $3.86 billion, which is flat compared to net sales of $3.86 billion for the same period ended October 29, 2005. The company's third quarter comparable store sales decreased 5 percent compared with a decrease of 7 percent in the third quarter of the prior year.

The company announced that it expects earnings per share for the third quarter to be $0.21 to $0.23. Expected third quarter earnings per share includes about one cent of benefit from a tax rate adjustment.

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