Headlines

Gap is Flat

November 2006 sales same as in 2005; same-store sales are down

Published

18 years ago

December 2, 2005

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Gap Inc. (San Francisco) has reported that net sales for the four-week period ended Nov. 26, 2005, are exactly flat compared to the year earlier. Same-store sales decreased 4 percent.

Same-store sales by division were: Gap North America, -5 percent; Banana Republic North America, also -5 percent; Old Navy North America, -2 percent; and Gap International, flat.

“Although traffic remained challenging at Gap and Banana Republic in November, we were pleased that traffic trends improved at Old Navy as customers responded favorably to our second holiday product flows and our Black Friday promotional events,” said Sabrina Simmons, senior vp, treasury and investor relations. “However, promotional activity across the brands drove Gap Inc. merchandise margins significantly below those of November last year.”

Year-to-date net sales were down 1 percent for the 43 weeks ended November 26. Same-store sales decreased 5 percent.

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