Gap Inc. (San Francisco) reported a 1 percent increase in net sales for the four-week period ended Aug. 28, 2004, and a 1 percent decrease in same-store sales.
The specialty retailer also announced two major management changes: Julie Rosen was named executive vp, merchandising, for the Gap brand and Sheryl Clark executive vp, merchandising, for Old Navy. Each will be responsible for all merchandising activities at her respective brand.
For Rosen, who was senior vp, merchandising, for Gap adult, Gap accessories and GapBody, this will represent an extension of her authority. She will now oversee merchandising for all Gap brand concepts for its U.S. division, including Gap adult, Gap accessories, GapKids, babyGap and GapBody, reporting to president Gary Muto.
Clark, previously senior vp for Old Navy adult and accessories, will continue reporting to the division’s president, Jenny Ming.
On the sales front, Gap’s same-store performances in August by division were: Gap U.S., flat; Gap International, minus 10 percent; Banana Republic, flat; and Old Navy, minus 1 percent.
“Although August started slowly across divisions, we saw solid performance in key fall items such as women’s fashion denim at Gap, pants at Banana Republic and the featured blazers for women at Old Navy,” said Sabrina Simmons, the company’s senior vp, treasury and investor relations. “Overall merchandise margins were consistent with last year.”
Year-to-date, net sales have increased 4 percent and same-store sales are up 3 percent.