This excerpt taken from the GPS 8-K filed Aug 4, 2005.
Company Expects to Report Second Quarter Earnings Per Share of $0.28 to $0.29
SAN FRANCISCO August 4, 2005 Gap Inc. (NYSE: GPS) today reported net sales of $1.04 billion for the four-week period ended July 30, 2005, compared with net sales of $1.04 billion for the same period ended July 31, 2004. The companys comparable store sales for July 2005 decreased 4 percent compared with a 5 percent decrease in July 2004.
Comparable store sales by division for July 2005 were as follows:
Gap North America: negative 8 percent versus negative 3 percent last year
Banana Republic North America: positive 7 percent versus negative 10 percent last year
Old Navy North America: negative 5 percent versus negative 2 percent last year
International: positive 4 percent versus negative 14 percent last year
July was a transitional month as our brands continued to clear summer merchandise. Overall, results for July were disappointing and given the promotional activity, merchandise margins were below last year, said Sabrina Simmons, Senior Vice President, Treasury and Investor Relations.