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Gap gets it done, 2Q comps rise 5%
Gap Inc. continues to enjoy momentum at its namesake Gap stores and Old Navy units which pushed total company results up 8% to nearly $3.9 billion.
Results were strongest at Gap and Old Navy stores where comps increase 6% while Banana Republic comps declined 1%.
“We are pleased with our second quarter performance overall, and we’re focused on continuing our momentum as we move into the second half of the year,” said Glenn Murphy, chairman and CEO of Gap Inc.
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Gap same-store sales beat expectations
San Francisco – Gap Inc. substantially improved upon its June 2012 same-store sales performance and beat analyst expectation with a 7% increase in same-store sales last month. In comparison, the retailer’s same-store sales were flat in June of last year and were only expected to rise 4.7% in June of this year, according to estimates from Retail Metrics.
Sales at Gap’s Old Navy helped drive the overall increase. Same-store sales at Old Navy rose 13% in June as a result of seasonal summer promotions.