The Gap Inc. (GPS)

[Rich]

Gap Inc. (NYSE:GPS) today reported that October 2011 net sales decreased 4 percent compared with last year.

Net sales for the four-week period ended October 29, 2011 were $1.14 billion compared with net sales of $1.19 billion for the four-week period ended October 30, 2010. The company’s comparable sales for October 2011, which include the associated comparable online sales, were down 6 percent compared with a 4 percent increase for October 2010.

In addition, the company reported that net sales for the third quarter, which ended October 29, 2011, decreased 2 percent to $3.59 billion compared with $3.65 billion for the third quarter last year. The company’s third quarter comparable sales, which include the associated comparable online sales, were down 5 percent compared with a 1 percent increase in the third quarter of the prior year.

"While October was mixed across our brands, our teams are determined to compete aggressively this holiday season by delivering great product in an inspiring shopping environment – in stores and online,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.

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