Gap Inc. (San Francisco) reported net sales were $1.35 billion for the five-week period ended October 1, 2011, compared with net sales of $1.34 billion for the same period last year. Comparable sales, which include associated comparable online sales, dropped 4 percent compared with a 1 percent decrease for September 2010.
“While there were some bright spots across our brands and business units, we’re clear and focused on the steps necessary to improve our business performance going forward,” says chairman and ceo Glenn Murphy.
Among its brands, comparable store sales for September 2011 were down 4 percent for Gap North America; 1 percent at Banana Republic North America and Old Navy North America; and 13 percent at its international division.
Year-to-date net sales were $9.12 billion for the 35 weeks ended October 1, 2011, which was flat compared with net sales of $9.12 billion for the 35 weeks ended October 2, 2010. Year-to-date comparable sales are down 3 percent.