Gap Inc. Nov. sales, comps down

SAN FRANCISCO Gap Inc. reported net sales of $1.39 billion for the four-week period ended Nov. 29, which represents a 10% decrease compared with net sales of $1.54 billion for the four-week period ended Dec. 1, 2007. The company’s comparable-store sales for November 2008 were down 10% compared with flat comparable-store sales in November 2007.

“In anticipation of a challenging holiday season, we made the decision to attract customers with more aggressive offers than last year,” said Sabrina Simmons, cfo of Gap Inc. “While this resulted in November merchandise margins below last year, our strategy allowed us to successfully clear through inventory in the month.”

The company reaffirmed that it expects full year diluted earnings per share for fiscal year 2008 of $1.30 to $1.35 on a GAAP basis, compared with fiscal year 2007 diluted earnings per share of $1.05.