(Filed Under Financial and General Interest News). The Gap, Inc. cited net sales of $3.25 billion during the second quarter compared with $3.50 billion during last year’s second quarter. Comparable store sales dropped 8 percent compared to a 10 percent drop last year. The company’s online sales increased 17 percent, which was most likely partially offset by the company adding an online platform for its Athleta brand this April.
Comparable store sales by division were down 10 percent at Gap North America, 15 percent at Banana Republic North America, 4 percent at Old Navy North America, and 5 percent internationally excluding wholesale and franchise business.
During the second quarter, the company opened 12 new stores and closed 16, compared with 22 openings and 29 closings during last year’s quarter. As of the quarter’s end, the company operated 3,145 total locations. For the year-to-date, it has opened 23 locations and closed 27, causing net square footage to decrease by 0.3 percent. By division, Gap North America opened one store and closed 10, Gap Europe opened four; Gap Asia opened 1; Old Navy North America opened one and closed five; Banana Republic North America opened five and closed one; and Banana Republic Europe opened three.
The Gap expects to open approximately 50 stores and close approximately 100 for fiscal 2009, and expects that net square footage will drop by 2 percent.
For fiscal 2008, Gap’s sales totaled at $14.5 billion. The company offers apparel, including intimates, activewear and swimwear, as well as accessories and personal care products through the Gap, Banana Republic, Old Navy, Piperlime and Athleta brand names. Gap Inc. operates stores under the Gap, Banana Republic and Old Navy brand names nationwide and in the United Kingdom, Canada, France, Japan and Ireland. In addition, the company is expanding its international presence with franchise agreements throughout Asia, Europe and Latin America.
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