The FINANCIAL — Gap Inc. (NYSE: GPS) on December 13 reported that November 2009 net sales were up two percent from last year.
"Net sales for the four-week period ended November 28, 2009 were $1.42 billion compared with net sales of $1.39 billion for the four-week period ended November 29, 2008. The company’s comparable store sales for November 2009 were flat compared with a decrease of 10 percent for November 2008," Gap Inc. reported.
Comparable store sales for November 2009 were as follows:
• Gap North America: negative 4 percent versus negative 11 percent last year
• Banana Republic North America: negative 4 percent versus negative 11 percent last year
• Old Navy North America: positive 6 percent versus negative 9 percent last year
• International: negative 5 percent versus negative 6 percent last year
“We’re pleased that we continued to meet our objective of improving our sales trend and we did it with merchandise margins significantly above last year,” said Sabrina Simmons, chief financial officer of Gap Inc.
Year-to-date net sales were $11.38 billion for the 43 weeks ended November 28, 2009, a decrease of 4 percent compared with net sales of $11.84 billion for the 43 weeks ended November 29, 2008. The company’s year-to-date comparable store sales decreased 5 percent compared with an 11 percent decrease last year.
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