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News and Information Article
SAN FRANCISCO, July 6 /-FirstCall/ -- Gap Inc. (NYSE: GPS)
today reported net sales of $1.51 billion for the five-week period ended
July 1, 2006, which represents a 1 percent decrease compared with net sales
of $1.52 billion for the same period ended July 2, 2005. The companys
comparable store sales for June 2006 decreased 6 percent compared with flat
comparable store sales in June 2005.
Comparable store sales by division for June 2006 were as follows:
-- Gap North America: negative 4 percent versus positive 3 percent
last year
-- Banana Republic North America: negative 4 percent versus negative 6
percent last year
-- Old Navy North America: negative 6 percent versus flat last year
-- Gap International: negative 14 percent versus positive 1 percent
last year
"June was a transitional month as all of our brands worked to clear
summer merchandise, and as we expected our merchandise margins continued to
be significantly below last year," said Sabrina Simmons, Senior Vice
President, Treasury and Investor Relations. "We expect that merchandise
margins will continue to experience pressure in July as we clear remaining
summer items for the arrival of fall merchandise late this month."
Year-to-date net sales of $6.1 billion for the 22 weeks ended July 1,
2006, decreased 3 percent compared with net sales of $6.3 billion for the
same period ended July 2, 2005. The companys year-to-date comparable store
sales decreased 8 percent compared with a 4 percent decrease in the prior
year.
The company reiterated that it expects inventory per square foot at the
end of the second quarter to be flat compared to the prior year.
As of July 1, 2006, Gap Inc. operated 3,080 store locations compared
with 3,024 store locations last year.
For more detailed information, please call 1-800-GAP-NEWS to listen to
Gap Inc.s monthly sales recording. International callers may call
706-634-4421.
July Sales
The company will report July sales on August 3, 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 merchandise margins in July 2006
and inventory per square foot at the end of the second quarter of fiscal
year 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 April 29, 2006.
These forward-looking statements are based on information as of July 6,
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.
Contact: investor relations, Mark Webb, +1-415-427-2161, or media
relations, Kris Marubio, +1-415-427-1798, both of Gap Inc.
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