Gap

39665
Posted September 2, 2005

Gap Inc. (San Francisco) reported a 5 percent decrease in net sales for the four-week period ended Aug. 27, 2005. Same-store sales decreased 9 percent.

Same-store sales by division for August were: Gap North America, down 7 percent; Banana Republic North America, down 6 percent; Old Navy North America, down 11 percent; and Gap international, down 6 percent.

“The negative trends that we discussed on our second quarter earnings call continued and, as such, August sales results were disappointing and merchandise margins were slightly below last year,” said Sabrina Simmons, senior vp, treasury and investor relations.

Year-to-date, net sales are down 1 percent and same-store sales have dropped 5 percent.