This excerpt taken from the GPS 8-K filed May 5, 2005.
Company Expects to Report First Quarter Earnings Per Share of $0.29 to $0.30
SAN FRANCISCO May 5, 2005 Gap Inc. (NYSE: GPS) today reported net sales of $1.2 billion for the four-week period ended April 30, 2005, which represents a 2 percent decrease compared with net sales of $1.3 billion for the same period ended May 1, 2004. The companys comparable store sales for April 2005 decreased 5 percent compared with a 3 percent increase in April 2004.
Comparable store sales by division for April 2005 were as follows:
Gap North America: negative 9 percent versus positive 2 percent last year
Banana Republic North America: negative 6 percent versus positive 12 percent last year
Old Navy North America: flat versus positive 3 percent last year
International: negative 12 percent versus negative 5 percent last year
In April, the clearance of remaining spring merchandise put pressure on our merchandise margins, which resulted in merchandise margins significantly below those of April last year, said Sabrina Simmons, Senior Vice President, Treasury and Investor Relations.