Gap Inc. (San Francisco) reported that May net sales for the four-week period ended May 28, 2011, increased 1 percent compared with last year. The company’s comparable sales were down 4 percent compared with a 1 percent increase in May 2010.
Gap Inc. owns Gap, Banana Republic, Old Navy, Piperlime and Athleta brands.
“While net sales increased in May, we recognize the need for our brands to consistently deliver at much higher levels of performance – with improved traffic and greater product acceptance – to support our long-term growth strategy,” says Glenn Murphy, chairman and ceo at Gap Inc.
As part of its global expansion plans, Gap expects to open its first 7534-square-foot outlet store in Italy in June at the Vicolungo Outlet Center near Milan. Gap Inc. operates more than 3000 stores world-wide, and has more than 370 stores through its outlet channel.