Gap Inc. (San Francisco) reported net sales for the first quarter ended May 2, 2009, were $3.13 billion, compared to $3.38 billion for the same period last year. Comparable store sales decreased 8 percent compared to an 11 percent decline in 2008. Online sales, which include the recently added Athleta brand, increased 13 percent to $267 million.
“We are pleased with the way we navigated the challenging economic environment and are particularly encouraged by Old Navy’s recent performance,” says Glenn Murphy, chairman and ceo of Gap Inc. “We remain focused on increasing traffic and gaining back market share across all of our brands by offering customers the right products and shopping experiences.”
Among its brands, Banana Republic saw first quarter sales drop 13 percent; Gap North America down 12 percent; international declined 4 percent; and Old Navy North America decreased 3 percent.
During the first quarter, Gap Inc. opened 11 stores and closed 11, bringing its store total to 3149 locations. Plans call for opening 50 stores in fiscal year 2009, while closing 100.