Gap Inc. June comps down 7%

SAN FRANCISCO Gap Inc. reported net sales of $1.41 billion for the five-week period ended July 5, which is a decrease of 2% as compared with net sales of $1.44 billion for the same period ended July 7, 2007. The company’s comparable-store sales for June decreased 7% compared with a 5% decrease for June 2007.

“Our June sales events helped us successfully clear through summer merchandise at each brand,” said Sabrina Simmons, chief financial officer of Gap Inc. “As a result, we achieved total company merchandise margins significantly above last year, and our stores are well-positioned for early fall product."