Registers Ringing at Gap

Gap Inc. (San Francisco) has reported net sales of $1.5 billion for the five-week period ended July 5, 2003, a 13 percent increase from the same period last year. Same-store sales rose 10 percent.

“We're pleased with our continued progress as all divisions again reported positive comparable store sales,” said Sabrina Simmons, senior vp, treasury and investor relations. “Total company sales met beginning-of-month expectations as all brands began to clear summer inventory in preparation for the arrival of fall merchandise.”

Since last year, Gap Inc. has closed 39 stores, leaving it with 3099 stores. It operates stores under the Gap, Banana Republic and Old Navy names.