Gap Like For Like Sales Down
Performance Ahead of Company Projections Despite Fall
May 10 2002
US fashion giant Gap saw its disappointing run continue, with sales of $962 million for the four-week period ended May 4, 2002, compared with sales of $1.2 billion for the same period ended May 5, 2001, which represents a 17 per cent decrease.
The company’s comparable store sales for April 2002 were down 24 per cent, compared to a 2 per cent decrease in April 2001.
CFO Heidi Kunz said: “Overall, sales and margin beat beginning of month projections for April in all four weeks. The company had forecast a fall of up to 30 per cent. Its current strategy is to refocus on its core product strengths, such as chinos and t-shirts, and it has been heavily discounting other lines to clear surplus stock.
Like for like sales by division for April 2002 were as follows:
Gap US: down 26 per cent versus down 3 per cent last year
Gap International: down 21 per cent versus down 9 per cent last year
Banana Republic: down 13 per cent versus down 4 per cent last year
Old Navy: down 27 per cent versus down 2 per cent last year
