Gap reports November sales up 11 percent

San Francisco-based Gap. Inc. (GPS) reported November sales of $1.54 billion, an 11 percent increase over last November.

Comparable store sales were flat this November, compared with an 8 percent decrease in November 2006.

Net sales for the year to date were $12.63 billion, a 2 percent increase over the same period last year. Comparable store sales for the year to date decreased 4 percent, versus a 7 percent decrease in 2006.

The company reiterated guidance for fiscal year 2007 of diluted earnings per share of $0.92 to $0.98, including approximately $0.07 per diluted share of expenses associated with the closure of the short-lived Forth & Towne brand.

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