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Sam’s Club Offers Deals for New Members

BY CSA STAFF

Bentonville, Ark. Sam’s Club announced that non-members who sign up in any location nationwide between Nov. 14 and Nov. 26 will receive a $10 Sam’s Club gift card.

The $10 gift card is good for purchases at Sam’s Club starting Nov. 28, Black Friday.

Sam’s Club opens at 5 a.m. the day after Thanksgiving and will host a complimentary breakfast through 8 a.m. and exclusive members-only shopping hours through 10 a.m.

Sam’s Club members will get a sneak peek at the day-after-Thanksgiving merchandise and pricing via handouts in club and through Club Insider e-mail alerts the week before the event.

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Jo-Ann Stores reports 3Q sales increase, raises outlook

BY CSA STAFF

HUDSON, Ohio Jo-Ann Stores reported that net sales for the third quarter ended Nov. 1, were $480.1 million compared to $480.2 million in the prior year. Same-store sales decreased 1.5% versus a same-store sales increase of 2.4% last year.

The company said it expects to report slightly improved third quarter earnings compared to last years third quarter earnings of 32 cents per diluted share.

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Gap Inc. October comps down 16%

BY CSA STAFF

SAN FRANCISCO Gap Inc. reported net sales of $1.08 billion for the four-week period ended Nov. 1, a decrease of 12% as compared with net sales of $1.23 billion for the same period in 2007. Comparable-store sales decreased 16%, compared to an 8% decrease for October 2007.

Comps for Gap decreased 14%, Banana Republic saw a 17% comps drop, Old Navy posted comps of negative 20% and International comps came in at a 5% decrease.

“In October, we continued to deliver merchandise margins significantly above last year despite the tough market conditions,” said cfo Sabrina Simmons. “We are reaffirming our full-year earnings guidance and will continue to use inventory and cost management to offset what we anticipate will be a challenging holiday season.”

For the 13-week third quarter, total company net sales were $3.56 billion, a decrease of 8% from $3.85 billion in 2007. Comparable-store sales decreased 12%, compared with a decrease of 5% in the third quarter of the prior year.

Third-quarter comps fell 7% at Gap, 11% at Banana Republic, 18% at Old Navy and 1% internationally.

Gap Inc. expects diluted EPS on a GAAP basis for the third quarter to be 33 cents to 35 cents, compared with diluted EPS of 30 cents last year. The company reaffirmed that it expects full-year diluted EPS of $1.30 to $1.35 on a GAAP basis, compared with fiscal year 2007 diluted earnings per share of $1.05.

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