The Gap Inc. (San Francisco) reported a net sales increase of 2 percent for the five-week period ended Jan. 1, 2005. The company’s same-store sales decreased 1 percent.
Same-store sales results by division were: Gap U.S., plus 2 percent; Gap International, minus 7 percent; Banana Republic, minus 2 percent; and Old Navy, minus 1 percent.
“The month of December ended strong, despite somewhat disappointing overall December sales,” said Sabrina Simmons, senior vp, treasury and investor relations. “Our promotional strategies allowed us to move through inventory in a disciplined manner and we are well prepared for the first flow of spring merchandise.”
Year-to-date, net sales are up 3 percent and same-store sales are up 1 percent. A year ago, same-store sales had gained 7 percent.