Gap last week reported net sales of $1.10 billion for the four-week period ended May 3, 2008, which is an increase of 1 percent as compared with net sales of $1.09 billion for the same period ended May 5, 2007. The company’s comparable store sales for April 2008 decreased 6 percent compared with a 16 percent decrease for April 2007. Gap North America reported flat versus negative 14 percent last year. Gap International reported negative 7 percent versus negative 5 percent last year

“While April performance varied across each brand, we delivered merchandise margins significantly above last year while continuing to manage costs in a disciplined manner,” said Sabrina Simmons, chief financial officer of Gap Inc.

For the thirteen weeks ended May 3, 2008, total company net sales were $3.38 billion, which is a decrease of 5 percent as compared with net sales of $3.55 billion for the thirteen weeks ended May 5, 2007. The company’s first quarter comparable store sales decreased 11 percent compared with a decrease of 4 percent in the first quarter of the prior year.

Simmons added, “We are pleased with our ability to achieve bottom line earnings growth in the first quarter. However, our traffic patterns and sales continue to be challenging, it is still early in the year, and the economic environment remains volatile. We are reaffirming our earnings outlook for the year and continue to expect diluted earnings per share of $1.20 to $1.27.”

Gap Inc. will release its first quarter earnings via press release on May 22, 2008.

Image: Gap

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