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GAP: NO HOLIDAY$

By
Janet Whitman
Published Nov. 22, 2007, 10:00 a.m. ET

Gap Inc.’s shares fell more than 6 percent yesterday after the clothing retailer reported stagnant sales and warned that the holiday sales season would be tough.

The company’s profit for the latest quarter surged 26 percent, but the gain was fueled by cutbacks, including a big drop in its marketing budget.

Company-wide revenue at the Gap, which also owns Old Navy and Banana Republic, was flat during the quarter ended Nov. 3, while same-store sales – an important indicator of a retailer’s health – dropped 5 percent.

The Gap has pulled its TV advertising for now as top execs at the company, including new CEO Glenn Murphy, struggle to get the company’s fashions back on track.

“We feel we are well-positioned for the holiday season,” Murphy, who formerly headed Canada’s largest drug store chain, said during a conference call.

Gap’s shares fell $1.24 to $18.96.