US: Gap Inc August sales up 4%
Gap Inc yesterday (6 September) said it is pleased with progress across its brands, as it reported a 4% rise in August sales.
Net sales were up to $1.20bn for the four weeks to 1 September, compared with net sales of $1.15bn in the same period last year.
Same-store sales at the San Francisco, California-based company fell 1%, faring considerably better than last year's 7% decline.
By division, August same store sales were up 2% at Gap North America, versus an 11% decline last year. Banana Republic North America was up 7%, from 2% last year, and Old Navy North America slipped 4% versus an 8% decline last time. International sales fell 7% compared with a flat performance last year.
"Although merchandise margins were below last year, we're pleased with the progress we're making across our brands," said Sabrina Simmons, executive vice president of Gap Inc finance.
Gap Inc, the US' largest apparel specialty retailer, said year-to-date net sales of $8.43bn are 2% ahead of the $8.30bn reported at the same time last year. Year-to-date same-store sales fell 4% compared with a 7% decrease reported in the prior year.
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