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Net sales down 4 percent for October
Gap Inc. (San Francisco) reports net sales were $1.14 billion in October 2011, a drop of 4 percent compared with last year. Monthly comparable sales were down 6 percent compared with a 4 percent increase for October 2010.
In addition, the company reported that net sales for the third quarter, which ended October 29, 2011, declined 2 percent to $3.59 billion compared and third quarter comparable sales were down 5 percent.
"While October was mixed across our brands, our teams are determined to compete aggressively this holiday season by delivering great product in an inspiring shopping environment – in stores and online,” says Glenn Murphy, chairman and ceo, Gap Inc.Among its brands, comparable sales for the October were:
•Gap North America: down 5 percent
•Banana Republic North America: up 1 percent versus flat last year
•Old Navy North America: 9 percent drop
•International: down 7 percent
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