Gap reports Q1 store sales flat vs. last year

Q1 Store sales were flat compared to last year. The company ended the quarter with about 3,500 store locations in over 35 countries, of which 2,496 were company operated. Online sales increased 6% compared to last year and represented 39% of total net sales. Gross margin of 41.8% increased 60 basis points versus last year. Merchandise margin was flat versus last year.