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


Interviews View All

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Top executives, Machinery Company

Top executives
Machinery Company

We will promote latest technologies at ITMA Barcelona

Abhishek Ganguly, Puma India

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

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


October 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search