Gap sales up 2% in June

Gap Inc. reported that June 2010 net sales were up 2 percent from last year. Net sales for the five-week period ended July 3, 2010 were $1.31 billion compared with net sales of $1.29 billion for the five-week period ended July 4, 2009. The company’s

comparable store sales for June 2010 were flat compared with a 10 percent decrease in June 2009.

Comparable store sales for June 2010 were as follows: Gap North America: negative 3 percent versus negative 10 percent last year and Banana Republic North Americ was up 6 percent versus negative 20 percent last year. Old Navy North America was flat versus negative 7 percent last year. International sales were flat versus negative 5 percent last year.

Gap stated June was a difficult month with lighter traffic than we anticipated,” said Sabrina Simmons, chief financial officer of Gap Inc.  “Looking ahead, we remain committed to our goal of driving top line sales balanced with ongoing operational discipline.”

Year-to-date net sales were $5.70 billion for the 22 weeks ended July 3, 2010, an increase of 5 percent compared with net sales of $5.45 billion for the 22 weeks ended July 4, 2009. The company’s year-to-date comparable store sales increased 3 percent compared with an 8 percent decrease last year.

The company will report July sales on August 5, 2010.