Gap reported net sales of $1.5 billion for the five-week period ended October 4, 2003, which represents a 14 % increase compared with net sales of $1.3 billion for the same period ended October 5, 2002. The company's comparable store sales for September 2003 increased 13 %, compared with a 2% decrease in September 2002.
Comparable store sales by division for September 2003 were as follows:
- Gap U.S.: positive 13 percent versus negative 3 percent last year
- Gap International: positive 3 percent versus positive 3 percent last
year - Banana Republic: positive 12 percent versus negative 2 percent last
year - Old Navy: positive 16 percent versus negative 2 percent last year
“September was a strong domestic month, with each brand posting double-digit positive sales comps and positive store traffic comps,” said Sabrina Simmons, senior vice president, Treasury and Investor Relations. “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.”
Year-to-date sales of $9.7 billion for the 35 weeks ended October 4, 2003, represent an increase of 13 percent over sales of $8.6 billion for the same period ended October 5, 2002. The company's year-to-date comparable store sales increased 10 percent compared to a decrease of 9 percent in the prior year.
As of October 4, 2003, Gap Inc. operated 4,209 store concepts compared with 4,277 store concepts last year. The number of stores by location totaled 3,076 compared with 3,152 stores by location last year.
