Gap sales continue growth
US recovery on track with international sales steady
October 11 2003
Gap saw total sales increase by 14 per cent to $1.5bn in the five-weeks to October 4, 2003, with same store sales up by 13 per cent, compared with a 2 per cent like-for-like decrease in September 2002.
Gap International saw a 3 per cent sales increase, the same level as in September 2003 and up from a 1 per cent increase in August.
In the month which saw the launch of Gap’s high-profile new advertising campaign featuring Madonna and Missy Elliot, the sales figures indicate that Gap’s recovery is now firmly bedded in.
Sabrina Simmons, senior vice president, treasury and investor relations said: “Advertised products at each brand, such as Gap’s stretch pants for women and the relaxed boot fit jean for men, performed well. Overall, total company sales exceeded beginning-of-month expectations and merchandise margins improved over last year.”
In the year to-date total sales of $9.7bn are an increase of 13 per cent. Gap’s comparable store sales have increased by 10 per cent across the year so far.
