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Gap international sales down 5%

Gap’s international sales, which include sales from its UK stores, fell back 5% on a like-for-like basis.

Total international sales fell from $376m (£227.8m) to $361m (£219m) over the second quarter to August 1.

However Gap’s international division faired better than the retailer’s domestic North American operation, which saw sales decline 10% to $878m (£533m) over the period.

Total net earnings at the Gap business for the second quarter were $228m (£138m) against $229m (£139m) the same quarter the previous year, while net sales fell to $3.25bn (£1.97bn) against $3.50bn (£2.12bn).

Total second quarter like-for-like sales fell 8%.

Gap chairman and chief executive Glenn Murphy said: “We’re proud to deliver second quarter earnings per share above last year, especially during a challenging environment. Our focus is to find the right balance between maintaining our cost discipline and making appropriate, targeted investments to gain back market share.”

Gross margin during the second quarter increased by 150 basis points.







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