Gap's US sales tumble |
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| Friday, 08 May 2009 | |
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Gap Inc this week reported net sales of $1.05 billion for the four-week period ended
May 2, 2009, a 5% drop for the same period last year. The company’s comparable store sales for April 2009 were down 4 percent compared with a 6 percent decrease in April 2008. The biggest drop was seen in Gap's North America business, which saw a 10 percent loss over last year, whereas European and International sales was down 2 per cent of 7 per cent last year.
For the thirteen weeks ended May 2, 2009, total company net sales were $3.13 billion, which is a decrease of 7 percent as compared with net sales of $3.38 billion for the thirteen weeks ended May 3, 2008. The company’s first quarter comparable store sales decreased 8 percent compared with a decrease of 11 percent in the first quarter of the prior year. Comparable store sales by brand and region for the first quarter of fiscal year 2009 for Gap North America were down 12 percent versus negative 7 percent last year. European and International sales were down 4 per cent against 5 per cent in the same period last year. Gap Inc. will release its first quarter earnings via press release on May 21, 2009.
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