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GPS » Topics » Company Expects to Report Third Quarter Earnings Per Share of $0.21 to $0.23

This excerpt taken from the GPS 8-K filed Nov 2, 2006.

Company Expects to Report Third Quarter Earnings Per Share of $0.21 to $0.23

SAN FRANCISCO – November 2, 2006 – Gap Inc. (NYSE: GPS) today reported net sales of $1.25 billion for the four-week period ended October 28, 2006, which represents a 3 percent decrease compared with net sales of $1.28 billion for the same period ended October 29, 2005. The company’s comparable store sales for October 2006 decreased 7 percent compared with a 5 percent decrease in October 2005.

Comparable store sales by division for October 2006 were as follows:

 

  •   Gap North America: negative 4 percent versus negative 3 percent last year

 

  •   Banana Republic North America: positive 2 percent versus negative 8 percent last year

 

  •   Old Navy North America: negative 11 percent versus negative 6 percent last year

 

  •   International: negative 8 percent versus negative 9 percent last year.

“October was a transitional month as all brands continued fall clearance events and introduced initial holiday flows,” said Sabrina Simmons, senior vice president, treasury and investor relations at Gap Inc. “Total company merchandise margins were above last year, driven by regular price selling at Gap and Banana Republic. We were pleased with customer response to our (PRODUCT) RED collection at Gap brand, and with our continued overall progress at Banana Republic.”

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