Gap Inc. reports 11% sales increase for Nov.

SAN FRANCISCO Gap Inc. today reported net sales of $1.54 billion for the four-week period ended Dec. 1, which represents an 11% increase compared with net sales of $1.39 billion for the four-week period ended Nov. 25, 2006. The company reported that comparable-store sales for November were flat compared with an 8% decrease in November 2006.

For the year to date, Gap Inc. reported net sales of $12.63 billion, an increase of 2% compared with net sales of $12.4 billion for the same period last year.  The company’s year-to-date comparable store sales decreased 4%, compared with a 7% decrease in the prior year.

“While we were pleased with our sales performance in November, the most important month of the quarter, December, remains ahead of us,” said Sabrina Simmons, evp of finance and acting cfo of Gap Inc. “As a result, we are maintaining our earnings outlook for the full year.”

Gap Inc.'s fiscal 2007 guidance calls for GAAP diluted earnings per share of 92 cents to 98 cents.