Gap Inc. Reports June Same-Store Sales +1% YoY

Gap Inc.

today reported that June 2011 net sales increased 5 percent compared with last year. Net sales for the five-week period ended July 2, 2011 were $1.38 billion compared with net sales of $1.31 billion for the five-week period ended July 3, 2010. The company's comparable sales for June 2011, which include the associated comparable online sales, were up 1 percent compared with a 1 percent increase for June 2010. “We're pleased that we delivered a positive comp and grew total sales by 5 percent,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “Our multiple growth initiatives are on track, and we're taking the necessary steps in North America to grow top line sales in the back half of the year.” Comparable sales for June 2011, including the associated comparable online sales, were as follows: Gap North America: negative 1 percent versus negative 2 percent last year Banana Republic North America: positive 3 percent versus positive 7 percent last year Old Navy North America: positive 2 percent versus positive 1 percent last year International: positive 3 percent versus flat last year Year-to-date net sales were $5.73 billion for the 22 weeks ended July 2, 2011, an increase of 1 percent compared with net sales of $5.70 billion for the 22 weeks ended July 3, 2010. The company's year-to-date comparable sales, including associated online sales, decreased 2 percent compared with a 3 percent increase last year.