San Francisco based largest specialty retailers Gap Inc reported net sales of $1.04 billion for the four-week period ended July 30, 2005, compared with net sales of $1.04 billion for the same period ended July 31, 2004. The company's comparable store sales for July 2005 decreased 4 percent compared with a 5 percent decrease in July 2004.
Comparable store sales by division for July 2005 were as follows:
Gap North America: negative 8 percent versus negative 3 percent last year.
Banana Republic North America: positive 7 percent versus negative 10 percent last year.
Old Navy North America: negative 5 percent versus negative 2 percent last year.
International: positive 4 percent versus negative 14 percent last year.
“July was a transitional month as their brands continued to clear summer merchandise. Overall, results for July were disappointing and given the promotional activity, merchandise margins were below last year,” said Sabrina Simmons, Senior Vice President, Treasury and Investor Relations.
Second Quarter Sales Results and Earnings Guidance For the 13 weeks ended July 30, 2005, total company net sales were $3.72 billion, compared to net sales of $3.72 billion for the same period ended July 31, 2004. The company's second quarter comparable store sales decreased 3 percent compared with flat comparable store sales in the second quarter of the prior year.
Comparable store sales by division forthe second quarter were as follows:
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