Gap Inc reported its March sales were down 6 percent and comparable stores sales down 8 percent.
Gap stated net sales of $1.29 billion for the five-week period that ended April 4, 2009 compared with net sales of $1.37 billion for the five-week period that ended April 5, 2008. The company’s comparable store sales for March 2009 were down 8 percent compared with an 18 percent decrease in March 2008.
“Although our sales results for March were mixed overall, we’re pleased with the customer response to Old Navy’s spring product and with our ability to deliver total company merchandise margins above last year,” said Sabrina Simmons, chief financial officer of Gap Inc.
During March, the company ran its “Give & Get” promotion. Through the four-day sales event, employees were able to offer their friends and family a 30 percent discount on merchandise, and the company donated $1.5 million of those sales to help specific nonprofit organizations.
Year-to-date net sales were $2.08 billion for the nine weeks that ended April 4, 2009, a decrease of 9 percent compared with net sales of $2.28 billion for the nine weeks that ended April 5, 2008. The company’s year-to-date comparable store sales decreased 10 percent compared with a 13 percent decrease last year.
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