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Gap sales down 6% over Christmas

Gap has joined the list of retailers who saw a dip in Christmas trading with like-for-like sales falling 6% in December. International sales, which covers the retailer's UK operation, dropped 1% against an 8% drop for the same period last year.
Group sales were down 6% to $2.20 billion (£1.12 billion) over the five weeks to January 5th, against $2.34 billion (£1.19 billion) for the five-week period to December 30, 2006

Executive vice president of finance and acting chief financial officer of Gap Sabrina Simmons said: "We were pleased that merchandise margins in December were significantly above last year, which is consistent with our strategy of delivering earnings with healthy margins. However, we did not sell through as much inventory as we anticipated, and we’ll focus on clearing through remaining holiday product this month.”

Sales for the 48 weeks to January 5 of $14.83 billion (£7.56 billion) were up 1% against the same period to December 30 2006..

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