This excerpt taken from the GPS 8-K filed Apr 7, 2005.
Company Completes Full Redemption of Senior Convertible Notes
SAN FRANCISCO April 7, 2005 Gap Inc. (NYSE: GPS) today reported net sales of $1.48 billion for the five-week period ended April 2, 2005, which represents a 1 percent decrease compared with net sales of $1.49 billion for the same period ended April 3, 2004. The companys comparable store sales for March 2005 decreased 4 percent compared with an 8 percent increase in March 2004.
Comparable store sales by division for March 2005 were as follows:
Overall March sales were disappointing and our merchandise margins were below last year, said Sabrina Simmons, Senior Vice President, Treasury and Investor Relations. As we clear remaining Spring merchandise, April merchandise margins will likely be pressured.
Year-to-date net sales of $2.40 billion for the nine weeks ended April 2, 2005 decreased 1 percent compared with net sales of $2.42 billion for the same period ended April 3, 2004. The companys year-to-date comparable store sales decreased 4 percent compared with a 10 percent increase in the prior year.
As of April 2, 2005, Gap Inc. operated 3,005 store locations compared with 3,022 store locations last year.
The company reiterated that it expects earnings per share of $1.41 to $1.45 for fiscal year 2005.