Gap Inc. (GPS), a premier international specialty retailer, reported flat same-store sales in Nov 2009 compared to a 10% decrease in the year-earlier period, while overall sales increased 2% year-over-year. Total sales for the month were $1.42 billion compared to $1.39 billion in the previous year. Year-to-date sales were $11.38 billion versus $11.84 billion in the year-ago period.
Same-store sales during the month improved across all the business segments of the company. Both Gap North America and Banana Republic North America divisions reported negative 4% same-store sales growth compared to negative 11% in the previous year. The Old Navy North America segment recorded a 6% growth in same-store sales versus negative 9% in the preceding year.
The International segment reported same-store sales growth of negative 5% versus negative 6% in the prior year. With over 3,100 stores across the globe, Gap offers a diverse range of clothing, accessories, and personal care products for men, women, children and babies.
Its flagship brands include Gap, Banana Republic, Old Navy, Piperlime and Athleta. Gap’s globally recognized brands complement one another, enabling it to leverage its position in the sector. Gap is the industry leader by a stretch in the highly fragmented specialty retail sector, and competes with national and local department stores and discount stores that offer products at fire-sale prices. Approximately three-fourths of Gap’s revenue is generated from its operations in the U.S.
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