Gap July sales drop 7%Saturday, 08 August 2009
Gap reported net sales of $924m for the four-week period ended August 1, 2009, a 7 percent loss compared with net sales of $998m for the four-week period ended August 2, 2008. The company’s comparable store sales for July 2009 were down 8 percent compared with an 11 percent decrease in July 2008.
“We delivered July merchandise margins significantly above last year,” said Sabrina Simmons, chief financial officer of Gap Inc. “We expect diluted earnings per share for the second quarter to be $0.30 to $0.32. We’re pleased with this range of earnings and our consistently healthy merchandise margins.”
UK and international sales were down 4 percent versus negative 9 percent last year.
For the thirteen weeks ended August 1, 2009, total company net sales were $3.24 billion, which is a decrease of 7 percent as compared with net sales of $3.50 billion for the thirteen weeks ended August 2, 2008. The company’s second quarter comparable store sales decreased 8 percent compared with a decrease of 10 percent in the second quarter of the prior year.
Gap will report August sales on September 3, 2009.