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GPS » Topics » Fourth Quarter Sales Results and Guidance

This excerpt taken from the GPS 8-K filed Feb 8, 2007.

Fourth Quarter Sales Results and Guidance

For the 14 weeks ended February 3, 2007, total company net sales were $4.9 billion. Net sales were $4.8 billion for the 13 weeks ended January 28, 2006. The company’s comparable store sales for the 13 weeks ended January 27, 2007, decreased 7 percent compared with a decrease of 6 percent in the fourth quarter of the prior year.

Comparable store sales by division for the fourth quarter were as follows:

 

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Gap North America: negative 8 percent versus negative 7 percent last year

 

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Banana Republic North America: positive 3 percent versus negative 5 percent last year

 

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Old Navy North America: negative 9 percent versus negative 6 percent last year

 

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International: negative 6 percent versus flat last year.

Year-to-date net sales were $15.9 billion for the 53 weeks ended February 3, 2007. Net sales were $16.0 billion for the 52 weeks ended January 28, 2006. The company’s year-to-date comparable store sales for the 52 weeks ended January 27, 2007, decreased 7 percent compared with a decrease of 5 percent in the prior year.

 

As of February 3, 2007, Gap Inc. operated 3,131 store locations compared with 3,053 store locations last year.

The company reiterated that it expects the percent increase in inventory per square foot at the end of the fourth quarter of fiscal 2006 to be in the low-single-digits versus prior year.

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