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Gap, Banana Republic same-store sales show improvement over a year ago
Gap Inc. (San Francisco) reported net sales of $838 million for the four-week period ended Feb. 27, 2010, a 5 percent increase compared to the same period last year. The company’s comparable store sales rose 3 percent compared with a 12 percent decrease in February 2009.
Among its brands, same-store sales at Gap North America were flat versus a 12 percent drop last year: Banana Republic North America’s rose 6 percent versus negative 16 percent last year; and Old Navy North America’s grew 5 percent versus a 13 percent drop in 2009. Internationally, the company’s same-store sales were flat.
"We're pleased that we increased our sales in February, delivering a positive comp with merchandise margins significantly above last year," says Sabrina Simmons, chief financial officer of Gap Inc. “This demonstrates that our goal to improve the top line is gaining traction.”
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