Gap Inc. Reports January Sales

Gap Inc. (NYSE: GPS) today reported that January 2012 net sales decreased 1 percent compared with last year.

Net sales for the four-week period ended January 28, 2012 were $833 million compared with net sales of $843 million for the four-week period ended January 29, 2011. The company’s comparable sales for January 2012, which include the associated comparable online sales, were down 4 percent compared with a 3 percent increase for January 2011.

In addition, the company reported that net sales for the fourth quarter of fiscal year 2011, which ended January 28, 2012, decreased 2 percent to $4.28 billion compared with $4.36 billion for the fourth quarter last year. The company’s comparable sales for the fourth quarter of fiscal year 2011, which include the associated comparable online sales, were down 4 percent compared with a 1 percent increase in the fourth quarter last year.

“January was largely clearance-based, and we’re pleased we successfully cleared holiday inventory,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “As we transition to a new year, our teams are focused on making the necessary steps to improve our business performance in 2012.”

Fourth Quarter Guidance and Fiscal Year 2011 Sales Results

The company announced diluted earnings per share guidance for the fourth quarter of fiscal year 2011 to be in the range of $0.41 to $0.42, above First Call consensus of $0.35. In addition, it expects year-end inventory dollars per store to be below previous guidance.

Net sales were $14.55 billion for the 52 weeks ended January 28, 2012, a decrease of 1 percent compared with net sales of $14.66 billion for the 52 weeks ended January 29, 2011. The company’s comparable sales for fiscal year 2011, which include the associated comparable online sales, were down 4 percent compared with a 2 percent increase last year.

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