The Gap is Back

Gap Inc. (San Francisco) reported a 14 percent net sales gain for the five-week period ended Oct. 4, 2003. Same-store sales increased 13 percent.

By division, same-store sales were up 13 percent for Gap U.S., up 3 percent for Gap International, up 12 percent for Banana Republic and up 16 percent for Old Navy.

All four divisions reported negative same-store sales for the month a year ago.

“September was a strong domestic month, with each brand posting double-digit positive sales comps and positive store traffic comps,” said Sabrina Simmons, senior vp, treasury and investor relations. “Advertised products at each brand, such as Gap's stretch pants for women and the relaxed boot fit jean for men, performed well. Overall, total company sales exceeded beginning-of-month expectations and merchandise margins improved over last year.”

Year-to-date, the specialty apparel giant that has been on such a roller-coaster ride reported a 13 percent increase for the 35 weeks ended Oct. 4, 2003. Same-store sales, year-to-date, are up 10 percent. For the same period a year ago, they were down 9 percent.