This excerpt taken from the GPS 8-K filed Apr 12, 2007.
COMPARABLE STORE SALES UP 6 PERCENT
SAN FRANCISCO April 12, 2007 Gap Inc. (NYSE: GPS) today reported net sales of $1.56 billion for the five-week period ended April 7, 2007, which represents a 16 percent increase compared with net sales of $1.35 billion for the five-week period ended April 1, 2006. Due to the 53rd week in fiscal year 2006, March 2007 comparable store sales are compared to the five-week period ended April 8, 2006. On this basis, the companys comparable store sales for March 2007 increased 6 percent compared with a 13 percent decrease in March 2006.
Comparable store sales by division for March 2007 were as follows:
Our comparable store sales improvement in March was driven primarily by customers shopping the week before Easter, the timing of which shifted from April in 2006 to March 2007, said Sabrina Simmons, senior vice president, corporate finance at Gap Inc. While our performance also benefited from spring clearance at Gap and Banana Republic, it resulted in merchandise margins that were below last year.
Year-to-date net sales of $2.47 billion for the nine weeks ended April 7, 2007, increased 11 percent compared with net sales of $2.21 billion for the nine weeks ended April 1, 2006. The companys year-to-date comparable store sales increased 2 percent, compared with a 12 percent decrease in the prior year.
As of April 7, 2007, Gap Inc. operated 3,147 store locations compared with 3,061 store locations on April 1, 2006.
For more detailed information, please call 1-800-GAP-NEWS to listen to Gap Inc.s monthly sales recording. International callers may call 706-634-4421.