Gap sees positive sales

Gap today reported net sales increased 4 percent to $1.19 billion for the four-week period ended

October 30, 2010. This compares to $1.14 billion for the same period last year.

The company’s comparable store sales for October 2010 were up 2 percent compared with a 4 percent increase in October 2009.

“We’re pleased that we continued to deliver on our goal of growing top line sales in October and the third quarter,” said Sabrina Simmons, chief financial officer of Gap Inc. “We remain focused on delivering shareholder value as evidenced by an expected year-over-year increase in diluted earnings per share for the quarter."

Comparable store sales for October 2010 for Gap North America was up 5 percent versus negative 6 percent last year, and international sales were up 1 percent versus negative 4 percent last year.

For the thirteen weeks ended October 30, 2010, total company net sales were $3.65 billion, which is an increase of 2 percent compared with net sales of $3.59 billion for the thirteen weeks ended October 31, 2009.

The company noted that merchandise margins for the third quarter of fiscal year 2010 are expected to be below last year.