Gap Reports Sales Drop in October

San Francisco’s Gap Inc. (GPS) on Thursday reported net sales for the month of October of $1.23 billion, a 1 percent decrease from the same period last year.

Comparable store sales declined 8 percent compared with a 7 percent decrease in October 2006 overall, the company said in a statement.

For the quarter ending Nov. 3, the company reported net sales of $3.85 billion, the same as in the same period last year.

Comparable store sales during the third quarter decreased 5 percent, also the same as in the third quarter of 2006.

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