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Gap sales fall 12%

Gap Inc said net sales fell 12% to $1.37 billion (£694.7 million) for the five weeks to April 5, with comparable store sales for March down 18% compared to the previous year.

International sales fell 3% last month compared to March of last year.

Sabrina Simmons, chief financial officer of Gap Inc said: "Overall, March traffic and sales results across our brands were disappointing, particularly at Old Navy. With our continued inventory discipline across the brands, we delivered merchandise margins above last year. As we execute our strategy of delivering healthier earnings through improved margins and cost management, we remain comfortable with our previously communicated 2008 annual earnings per share guidance of $1.2 (£0.6) to $1.27 (£0.64)."

Year-to-date net sales at Gap Inc fell 7% for the nine weeks to April 5 to $2.28bn (£1.16bn), with comparable store sales down 13% during the period.

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