Earnings Call Excerpt
Gap, Inc. (GPS)
December Sales Results Call
January 10, 2008 8:30 am ET
Executives
Evan Price - Vice President of Investor Relations
Presentation
Operator
Thank you for calling Gap Inc.’s monthly sales recording for December sales. All recordings made on 800-GAP-NEWS have been recorded on behalf of Gap, Inc. and consist of copyrighted materials. They may not be rerecorded, reproduced, retransmitted or rebroadcast without Gap, Inc.’s express written permission. Your participation represents your consent to these terms and conditions which are governed under California law.
I would also like to remind you that the information made available on this sales recording contains certain forward-looking statements, including but not limited to, forecasts relating to inventory.
Forward-looking statements also include statements that express our expectations, anticipations, beliefs, estimates, plans and forecasts. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements.
Information regarding factors that could cause results to differ can be found in our annual report on Form 10-K for the fiscal year ended February 3, 2007. Investors should also consult our quarterly report on Form 10-Q for the fiscal quarter ended November 3, 2007.
Future economic and industry trends that could potentially impact net sales and profitability are difficult to predict. These forward-looking statements are based on information as of January 10, 2008 and we assume no obligation to publicly update or revise our forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
I would now like to introduce Evan Price, Vice President of Investor Relations.
Evan Price
Good morning. This is Evan Price with a report on monthly sales for December 2007. Total company net sales were $2.2 billion for the five-week period ended January 5, 2008, down 6% from last year’s sales of $2.34 billion for the five-week period ended December 30, 2006.
Due to the 53rd week in fiscal 2006, December 2007 comps are compared with the five-week period ended January 5, 2007. On this basis, total company comparable store sales decreased 6% compared to the decrease of 8% in December 2006.
Brand-specific comps for the month were as follows: Gap, negative 9 versus negative 9 last year; Banana Republic, negative 1 versus positive 2 last year; Old Navy, negative 8 versus negative 10 last year; International, negative 1 versus negative 8 last year.
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