(Filed Under Financial and General Interest News). Gap Inc. reported net sales of $3.13 billion for the first quarter ended May 2, 2009 compared with $3.38 billion for last year's first quarter. Comparable store sales dropped 8 percent compared to an 11 percent drop during last year's period.
Online sales increased 13 percent to $267 million compared with $236 million last year. During 2009's quarter, Gap, Inc. added it's newest brand, Athleta, to its e-commerce site, which may have accounted for the growth in online sales.
The company noted that Old Navy North America sales decreased by three percent, a significant improvement over the division's 18 percent drop during the first quarter of 2008. Sales for Gap North America declined 12 percent compared to 7 percent last year, Banana Republic sales declined 13 percent compared with 4 percent, and international sales declined 4 percent, up from a 5 percent decline during last year's period.
Headquartered in San Francisco, Gap Inc. ended the first quarter with 3,149 total stores. As previously estimated, the company expects to open about 50 stores and close about 100 stores by the end of 2009.see more
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