USA: Gap Inc. Announces May Sales

Gap Inc. (NYSE:GPS) today reported sales of $930 million for the four-week period ended May 27, 2000, an increase of 19 percent over sales of $780 million for the comparable period ended May 29, 1999. The company's comparable store sales for May 2000 decreased 2 percent compared to an 8 percent increase in May 1999. The company's May comparable store sales by division were as follows: Gap Domestic had a positive low-single digit versus flat comps last year, Gap International had a positive mid-single digit versus a positive mid-single digit last year, Banana Republic had a negative low-single digit versus positive mid-teens last year and Old Navy had a negative high-single digit versus positive high-teens last year. Sales of $3.662 billion for the 17 weeks ended May 27, 2000 represent an increase of 20 percent over sales of $3.058 billion for the same period in 1999. The company's year-to-date comparable store sales decreased 2 percent compared to a 10 percent increase a year ago. As of May 27, 2000, Gap Inc. operated 3,190 stores compared to 2,603 at May 29, 1999, an increase of 23 percent.