Gap on Thursday reported net sales of $1.29 billion for the five-week period ended July 4, 2009, a 9 percent decrease compared with the same period last year. The company’s comparable store sales for June 2009 were down 10 percent compared with a 7 percent decrease in June 2008. European and International sales were down 5 percent versus negative 7 percent last year.
“June was a transitional month as all of our brands made progress clearing through summer merchandise,” said Sabrina Simmons, chief financial officer of Gap Inc. “We’re pleased that our total company merchandise margins were above last year.”
Year-to-date net sales were $5.45 billion for the 22 weeks ended July 4, 2009, a decrease of 7 percent compared with net sales of $5.88 billion for the 22 weeks ended July 5, 2008. The company’s year-to-date comparable store sales decreased 8 percent compared with an 11 percent decrease last year.
The company will report July sales on August 6, 2009.