This excerpt taken from the GPS 8-K filed May 4, 2006.
Company Expects to Report First Quarter Earnings Per Share of $0.26 to $0.27
SAN FRANCISCO May 4, 2006 Gap Inc. (NYSE: GPS) today reported net sales of $1.23 billion for the four-week period ended April 29, 2006, which is flat to net sales of $1.23 billion for the same period ended April 30, 2005. The companys comparable store sales for April 2006 decreased 3 percent compared with a 5 percent decrease in April 2005.
Comparable store sales by division for April 2006 were as follows:
Gap North America: negative 2 percent versus negative 9 percent last year
Banana Republic North America: positive 1 percent versus negative 6 percent last year
Old Navy North America: negative 6 percent versus flat last year
International: negative 3 percent versus negative 12 percent last year
April comparable store sales improved relative to March, reflecting the impact of the shift of Easter to April this year, said Sabrina Simmons, Senior Vice President, Treasury and Investor Relations. Merchandise margins were above last year, but will likely experience pressure in May as we work through remaining Spring markdowns.