Gap Inc. (GPS) said net sales for the five-week period ended December 31, 2011 fell to $1.98 billion from $2.01 billion in the five-week period ended January 1, 2011. Comparable sales for December, which include the associated comparable online sales, dropped 4 percent versus a 2 percent decrease in the year-ago month.
According to Glenn Murphy, chairman and CEO of Gap, "We expected December to be highly promotional, and while we competed aggressively across our brands, our performance was below our expectations. That said, we are encouraged by bright spots across our business, and we're clear and focused on what needs to be fixed in order to improve our sales trend in 2012."
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