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News and Information Article
SAN FRANCISCO, Oct. 5 /-FirstCall/ -- Gap Inc. (NYSE: GPS)
today reported net sales of $1.46 billion for the five-week period ended
September 30, 2006, which represents a 4 percent increase compared with net
sales of $1.41 billion for the same period ended October 1, 2005. The
companys comparable store sales for September 2006 decreased 3 percent
compared with a 6 percent decrease in September 2005.
Comparable store sales by division for September 2006 were as follows:
-- Gap North America: negative 5 percent versus negative 3 percent last
year
-- Banana Republic North America: positive 3 percent versus negative 7
percent last year
-- Old Navy North America: negative 3 percent versus negative 7 percent
last year
-- International: negative 6 percent versus negative 13 percent last
year.
"Were encouraged with our progress at all three core brands," said
Sabrina Simmons, senior vice president, treasury and investor relations at
Gap Inc. "Not only are comparable store sales results improved versus last
month, but our overall merchandise margins are above last year as well. Gap
and Old Navy marketing strategies helped to support improved store traffic
in September, most notably with the Audrey Hepburn skinny black pant
campaign. As we expected, were seeing continued improvements in Banana
Republic where customers responded well to fall product."
"Were excited to introduce the Gap PRODUCT RED collection in stores in
mid-October," said Simmons. "This initiative, founded by Bobby Shriver and
Bono, will raise awareness and money for the Global Fund to help women and
children affected by AIDS in Africa. The launch will be supported by a
comprehensive marketing campaign."
Year-to-date net sales of $9.77 billion for the 35 weeks ended
September 30, 2006 decreased 2 percent compared with net sales of $9.92
billion for the same period ended October 1, 2005. The companys
year-to-date comparable store sales decreased 7 percent compared with a 5
percent decrease in the prior year.
As of September 30, 2006, Gap Inc. operated 3,117 store locations
compared with 3,082 store locations last year.
October Sales
The company will report October sales on November 2, 2006.
Forward-Looking Statements
This press release and related recording contain forward-looking
statements within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than those that are
purely historical are forward-looking statements. Words such as "expect,"
"anticipate," "believe," "estimate," "intend," "plan," and similar
expressions also identify forward-looking statements. Forward-looking
statements include statements regarding inventory per square foot at the
end of the third quarter of fiscal 2006.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause the companys
actual results to differ materially from those in the forward-looking
statements. These factors include, without limitation, the following: the
risk that the company will be unsuccessful in gauging fashion trends and
changing consumer preferences; the highly competitive nature of the
companys business in the U.S. and internationally and its dependence on
consumer spending patterns, which are influenced by numerous other factors;
the risk that the company will be unsuccessful in identifying and
negotiating new store locations effectively; the risk that comparable store
sales and margins will experience fluctuations; the risk that the company
will be unsuccessful in implementing its strategic, operating and people
initiatives; the risk that adverse changes in the companys credit ratings
may have a negative impact on its financing costs and structure in future
periods; the risk that trade matters, events causing disruptions in product
shipments from China and other foreign countries, or IT systems changes may
disrupt the companys supply chain or operations; and the risk that the
company will not be successful in defending various proceedings, lawsuits,
disputes, claims, and audits; any of which could impact net sales, costs
and expenses, and/or planned strategies. Additional information regarding
factors that could cause results to differ can be found in the companys
Annual Report on Form 10-K for the fiscal year ended January 28, 2006.
Readers should also consult the companys Quarterly Report on Form 10-Q for
the fiscal quarter ended July 29, 2006.
These forward-looking statements are based on information as of October
5, 2006, and the company assumes no obligation to publicly update or revise
its forward-looking statements even if experience or future changes make it
clear that any projected results expressed or implied therein will not be
realized.
Gap Inc. Copyright Information
All recordings made on 800-GAP-NEWS have been recorded on behalf of Gap
Inc. and consist of copyrighted material. They may not be re-recorded,
reproduced, retransmitted or rebroadcast without Gap Inc.s express written
permission. Your participation represents your consent to these terms and
conditions, which are governed under California law.
Investor Relations: Media Relations:
Mark Webb Greg Rossiter
415-427-2161 415-427-2360
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