Gap

Gap Inc. (San Francisco) reported a 2 percent decrease in net sales for the four weeks ended April 30, 2005. Same-store sales decreased 5 percent.

By division, Gap North America reported a 9 percent drop in same-store sales for the month; Banana Republic North America was down 6 percent; Old Navy North America was flat; and International was down 12 percent.

“In April, the clearance of remaining spring merchandise put pressure on our merchandise margins, which resulted in merchandise margins significantly below those of April last year,” said Sabrina Simmons, senior vp, treasury and investor relations.

For the retailer’s first quarter ended April 30, 2005, total company net sales were down 1 percent and same-store sales decreased 4 percent.

Gap North America’s same-store sales were down 4 percent; Banana Republic North America and Old Navy North America were each also down 4 percent; and International was down 6 percent.