This excerpt taken from the GPS 8-K filed Nov 3, 2005.
Company Expects to Report Third Quarter Earnings Per Share of $0.23 to $0.24
SAN FRANCISCO November 3, 2005 Gap Inc. (NYSE: GPS) today reported net sales of $1.28 billion for the four-week period ended October 29, 2005, which represents a 2 percent decrease compared with net sales of $1.30 billion for the same period ended October 30, 2004. The companys comparable store sales for October 2005 decreased 5 percent compared with a 3 percent increase in October 2004.
Comparable store sales by division for October 2005 were as follows:
Gap North America: negative 3 percent versus positive 5 percent last year
Banana Republic North America: negative 8 percent versus positive 3 percent last year
Old Navy North America: negative 6 percent versus positive 4 percent last year
International: negative 9 percent versus negative 9 percent last year
We began October with continued traffic challenges, said Sabrina Simmons, Senior Vice President, Treasury and Investor Relations. However, traffic improved at the end of the month, likely due to favorable weather trends and the delivery of our holiday merchandise. Fall clearance at all of our brands drove merchandise margins significantly below those of last year.