Gap Inc. Reports July And Second Quarter Sales Results

Gap Inc. (NYSE: GPS) today reported that net sales for the second quarter of fiscal year 2012 increased 6 percent compared with last year, and July 2012 net sales increased 12 percent compared with last year.

Net sales for the second quarter, which ended July 28, 2012, increased 6 percent to $3.58 billion compared with $3.39 billion for the second quarter last year. The company’s second quarter comparable sales were up 4 percent compared with a 2 percent decrease in the second quarter last year.

“We are pleased with our second quarter sales performance and the continued positive trend we’re experiencing in North America,” said Glenn Murphy, chairman and chief executive officer at Gap Inc.

In addition, net sales for the four-week period ended July 28, 2012 were $1.06 billion compared with net sales of $950 million for the four-week period ended July 30, 2011. The company’s comparable sales for July 2012 were up 10 percent compared with a 5 percent decrease in July 2011.

Second Quarter Guidance

The company expects diluted earnings per share for the second quarter of fiscal year 2012 to be in the range of $0.47 to $0.48, compared with $0.35 for the second quarter last year. As a result of sales performance, the company expects inventory dollars per store at the end of the second quarter to be below its previous guidance of about flat on a year-over-year basis.

Second Quarter Comparable Sales Results

Comparable sales for the second quarter of fiscal year 2012 were as follows:

• Gap North America: positive 7 percent versus negative 3 percent last year
• Banana Republic North America: positive 7 percent versus negative 2 percent last year
• Old Navy North America: positive 3 percent versus flat last year
• International: negative 5 percent versus negative 4 percent last year

July Comparable Sales Results

Comparable sales for July 2012 were as follows:

• Gap North America: positive 13 percent versus negative 6 percent last year
• Banana Republic North America: positive 8 percent versus negative 4 percent last year
• Old Navy North America: positive 12 percent versus negative 3 percent last year
• International: positive 4 percent versus negative 10 percent last year

Year-to-date net sales were $7.06 billion for the 26 weeks ended July 28, 2012, which was an increase of 6 percent compared with net sales of $6.68 billion for the 26 weeks ended July 30, 2011. The company’s year-to-date comparable sales increased 4 percent compared with a 2 percent decrease last year.

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