Gap Inc. May comps down 6%

SAN FRANCISCO Gap Inc. reported net sales of $1.03 billion for the four-week period ended May 30, which represents a 5% decrease compared with net sales of $1.09 billion for the four-week period ended May 31, 2008. The company’s comparable-store sales for May 2009 were down 6% compared with a 14% decrease in May 2008.

“While sales results were mixed across divisions, we’re pleased that merchandise margins were in-line with last year,” said Sabrina Simmons, CFO of Gap Inc. “Moving forward, we continue to focus our efforts on improving product assortments and making targeted investments to drive traffic to our stores.”