Gap Inc. sees slight sales growth

SAN FRANCISCO Gap Inc. Thursday reported net sales of $1.19 billion for the four-week period ended June 2, which represents a 2% increase compared with net sales of $1.16 billion for the four-week period ended May 27, 2006. The company’s comparable-store sales for May 2007 decreased 3% compared with a 6% decrease as reported for May 2006.

"In May, our overall summer merchandise sales remained mixed across the brands, and total company merchandise margins were above last year," said Sabrina Simmons, senior vp of corporate finance at Gap Inc.

Year-to-date net sales of $4.75 billion for the 17 weeks ended June 2, increased 3% compared with net sales of $4.61 billion for the 17 weeks ended May 27, 2006. The company’s year-to-date comparable-store sales decreased 4% compared with an 8% decrease as reported in the prior year.