Gap Inc. shows signs of improvement

SAN FRANCISCO Gap Inc. today reported net sales of $1.2 billion for the four-week period ended Sept. 1, which represents a 4% increase compared with net sales of $1.15 billion for the same period ended Aug. 26, 2006. The company reported comparable-store sales for August decreased 1% compared with a 7% decrease as reported in August 2006.

“Although merchandise margins were below last year, we’re pleased with the progress we’re making across our brands,” said Sabrina Simmons, evp of Gap Inc. finance. 

Year-to-date net sales of $8.43 billion for the 30 weeks ended Sept. 1, increased 2% compared with net sales of $8.3 billion for the 30 weeks ended Aug. 26, 2006.  The company’s year-to-date comparable-store sales decreased 4% compared with a 7% decrease as reported in the prior year.