Gap Inc (NYSE:GPS) today reported sales of $1.17 billion for the five weeks ended July 1, 2000, an increase of 19 per cent over sales of $977 million for the comparable period ended July 3, 1999. The company’s comparable store sales for June 2000 decreased 2 per cent compared to a 13 per cent increase in June 1999. The company’s June comparable store sales by division were as follows: Gap Domestic had a positive low-single digit versus a positive low-single digit last year; Gap International had a flat comp versus positive mid-teens last year; Banana Republic had a positive low-single digit versus positive low-teens last year; and Old Navy had a negative high-single digit versus positive mid-thirties last year. Sales of $4.83 billion for the 22 weeks ended July 1, 2000, represent an increase of 20 per cent over sales of $4.04 billion for the same period in 1999. The company’s year-to-date comparable store sales decreased 2 per cent compared to an 11 per cent increase a year ago. As of July 1, 2000, Gap Inc operated 3,224 stores compared to 2,630 at July 3, 1999, an increase of 23 per cent. As a result of the lower, quarter-to-date reported margins, the company believes that earnings for the second quarter will likely come in approximately three cents below the current consensus estimate of $0.26. Despite the second quarter business shortfall, the company does not anticipate changes to the third and fourth quarter range of analyst estimates.

Subscribe to Just Style

Join over 70,000 apparel industry professionals by unlocking full access for just £1 (plus VAT if applicable)

Already a Member? Login here

Just Style membership gives you:

  • Unlimited access to Just Style content including in-depth analysis, exclusive blogs, industry executive interviews and management briefings
  • Unbeatable market coverage from apparel sourcing and supply chain issues, to emerging markets and manufacturing
  • Unrivalled apparel industry comment from journalists including Leonie Barrie, Michelle Russell, Hannah Abdulla and Beth Wright.
Want multi-user access? Explore our multi-user & corporate memberships

70% of the apparel and textile companies in the Forbes Global 2000 use Just Style

Find out more