Gap Inc. posts Sept. sales, comps declines

SAN FRANCISCO Gap Inc. reported net sales of $1.34 billion for the five-week period ended Oct. 4, a decrease of 6% from $1.43 billion for the same period last year. Comparable-store sales decreased 11%, compared to a 7% decrease in September 2007.

Gap North America posted negative 3% comps, versus negative 10% last year; Banana Republic North America saw a 4% drop, versus a 2% last year; Old Navy North America posted a 24% comps decline, versus negative 8% last year; and international division comps rose 3%, versus a 2% drop in 2007.

"While our September merchandise margins were significantly above last year, we have more work to do at Old Navy," said Gap Inc. cfo Sabrina Simmons. "As consumers continue to deal with economic uncertainty, we’ll remain focused on delivering compelling reasons to make our brands their shopping destinations."