-- Gap North America: flat versus negative 14 percent last year

-- Banana Republic North America: flat versus negative 13 percent last year

-- Old Navy North America: negative 12 percent versus negative 20 percent last year

-- International: negative 7 percent versus negative 5 percent last year

"While April performance varied across each brand, we delivered merchandise margins significantly above last year while continuing to manage costs in a disciplined manner," said Sabrina Simmons, chief financial officer of Gap Inc.

First Quarter Sales Results and Earnings Guidance

For the thirteen weeks ended May 3, 2008, total company net sales were $3.38 billion, which is a decrease of 5 percent as compared with net sales of $3.55 billion for the thirteen weeks ended May 5, 2007. The company's first quarter comparable store sales decreased 11 percent compared with a decrease of 4 percent in the first quarter of the prior year.

Comparable store sales by division for the first quarter of fiscal year 2008 were as follows:

-- Gap North America: negative 7 percent versus negative 4 percent last year

-- Banana Republic North America: negative 4 percent versus negative 2 percent last year

-- Old Navy North America: negative 18 percent versus negative 5 percent last year

-- International: negative 5 percent versus negative 3 percent last year

The company expects diluted earnings per share on a GAAP basis for the first quarter of fiscal year 2008 to be $0.30 to $0.32. Included in the diluted earnings per share guidance for the first quarter is a benefit of about $15 million to pre-tax earnings from a reduction of interest expense accruals resulting primarily from foreign tax audit events occurring in the quarter.

Simmons added, "We are pleased with our ability to achieve bottom line earnings growth in the first quarter. However, our traffic patterns and sales continue to be challenging, it is still early in the year, and the economic environment remains volatile. We are reaffirming our earnings outlook for the year and continue to expect diluted earnings per share of $1.20 to $1.27."

For more detailed information regarding the company's April 2008 sales, please call 1-800-GAP-NEWS to listen to Gap Inc.'s monthly sales recording. International callers may call 706-634-4421.

Gap Inc. will release its first quarter earnings via press release on May 22, 2008, at 1:30 p.m. Pacific Time. In addition, the company will host a summary of Gap Inc.'s first quarter results in a live conference call and webcast at approximately 2:00 p.m. Pacific Time. The conference call can be accessed by calling 800-374-0168 and international callers may dial 706-634-0994. The webcast can be accessed at www.gapinc.com.

May Sales

The company will report May sales on June 5, 2008.

Forward-Looking Statements

This press release and related recording contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding: (i) diluted earnings per share for the first quarter of fiscal year 2008 and (ii) diluted earnings per share for the fiscal year 2008.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company's actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following: the risk that additional information may arise during the company's close process or as a result of subsequent events that would require the company to make adjustments to the financial information; the risk that the adoption of new accounting pronouncements will impact future results; the risk that the company will be unsuccessful in gauging fashion trends and changing consumer preferences; the highly competitive nature of the company's business in the United States and internationally and its dependence on consumer spending patterns, which are influenced by numerous other factors; the risk that the company will be unsuccessful in identifying and negotiating new store locations and renewing leases for existing store locations effectively; the risk that comparable store sales and margins will experience fluctuations; the risk that the company will be unsuccessful in implementing its strategic, operating and people initiatives; the risk that adverse changes in the company's credit ratings may have a negative impact on its financing costs, structure and access to capital in future periods; the risk that changes to the company's IT systems may disrupt its operations; the risk that trade matters, events causing disruptions in product shipments from China and other foreign countries, or an inability to secure sufficient manufacturing capacity may disrupt the company's supply chain or operations; the risk that the company's efforts to expand internationally through franchising and similar arrangements may not be successful and could impair the value of its brands; the risk that acts or omissions by the company's third party vendors, including a failure to comply with the company's code of vendor conduct, could have a negative impact on the company's reputation or operations; the risk that the company does not repurchase some or all of the shares it anticipates purchasing pursuant to its repurchase program; and the risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits; any of which could impact net sales, costs and expenses, and/or planned strategies. Additional information regarding factors that could cause results to differ can be found in the company's Annual Report on Form 10-K for the fiscal year ended February 2, 2008.

These forward-looking statements are based on information as of May 8, 2008. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

SOURCE: Gap Inc.

Gap Inc.
Evan Price, 415-427-2161 (Investor Relations)
Kris Marubio, 415-427-1798 (Media Relations)

-- Gap North America: negative 7 percent versus negative 7 percent last year

-- Banana Republic North America: negative 5 percent versus positive 3 percent last year

-- Old Navy North America: negative 25 percent versus negative 3 percent last year

-- International: flat versus flat last year

"We were pleased that merchandise margins in May were significantly above last year," said Sabrina Simmons, chief financial officer of Gap Inc. "However, Old Navy continues to be our biggest challenge. As we have stated, we are working to rebalance Old Navy's mix of fashion and seasonal basic items, and expect to see improvements in the assortments by late fall."

Year-to-date net sales were $4.47 billion for the seventeen weeks ended May 31, 2008, a decrease of 6 percent compared with net sales of $4.74 billion for the seventeen weeks ended June 2, 2007. The company's year-to-date comparable store sales decreased 12 percent compared with a 4 percent decrease in the prior year.

For more detailed information regarding the company's May 2008 sales, please call 1-800-GAP-NEWS to listen to Gap Inc.'s monthly sales recording. International callers may call 706-634-4421.

June Sales

The company will report June sales on July 10, 2008.

SOURCE: Gap Inc.

Gap Inc.
Investor Relations:
Evan Price, 415-427-2161
Media Relations:
Kris Marubio, 415-427-1798

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Children's Place Retail Stores, Inc. (The) - Common Stock (NASDAQ:PLCE) The Children's Place Retail Stores, Inc. and subsidiaries is a specialty retailer of children's merchandise under its proprietary, The Children's Place and licensed Disney Store brand names. As of February 25, 2006, it owned and operated 802 The Children's Place stores and 316 Disney Stores across North America and an Internet store at www.childrensplace.com. The Children's Place is a specialty retailer of apparel and accessories for children from newborn to 10 years of age. Disney Store offers access to Disney-branded products, such as apparel, toys, plush, and souvenirs in an emporium like setting.

The Children's Place store

The Company's average Children's Place store is approximately 4,500 square feet. The store is brightly lit, featuring floor-to-ceiling glass windows and a customized grid system throughout the store's upper perimeter displays featured merchandise, marketing photographs and promotions. The majority of Children's Place stores are in an Apple-Maple prototype, which features light wood floors, fixtures and trim. Most of The Children's Place stores are clustered in and around major metropolitan areas in regional malls, with the exception of 98 strip center, 87 outlet and 46 street stores. Internet business represented approximately 2.3% of The Children's Place sales during the fiscal year ended January 28, 2006 (fiscal 2005).

Disney stores

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The Company competes with The Gap, Inc, The Gymboree Corporation, Too, Inc., Toys "R" Us, Inc., J.C. Penney Company, Inc., Sears Holdings Corporation, Kohl's, Wal-Mart Stores, Inc. and Target Corporation.

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This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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About Gap Inc.

Gap Inc. is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, and Piperlime brand names. Gap Inc. operates as a specialty retailing company in the United States and internationally under the Gap, Old Navy, Banana Republic, and Piperlime brand names. As of February 2, 2008, the company operated approximately 3,167 stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.

About Inter Parfums, Inc.

Inter Parfums develops, manufactures and distributes prestige perfumes and cosmetics as the exclusive worldwide licensee for Burberry, Paul Smith, S.T. Dupont, Christian Lacroix, Quiksilver/Roxy, and Van Cleef & Arpels. The Company also owns Lanvin Perfumes and Nickel S.A., a men's skin care company. It also produces personal care products for specialty retailers under exclusive agreements with Gap Inc., New York & Company and Brooks Brothers. In addition, Inter Parfums produces and supplies mass market fragrances and fragrance related products. The Company's products are sold in over 120 countries worldwide.

Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases you can identify forward-looking statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. You should not rely on forward-looking statements because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings "Forward Looking Statements" and "Risk Factors" in Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2007, and the reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press release.

SOURCE: Inter Parfums, Inc.

Inter Parfums, Inc.
Russell Greenberg, Exec. VP & CFO, 212-983-2640
rgreenberg@interparfumsinc.com
www.interparfumsinc.com
or
Investor Relations Counsel:
The Equity Group Inc.
Linda Latman, 212-836-9609
llatman@equityny.com
or
Lena Cati, 212-836-9611
lcati@equityny.com
www.theequitygroup.com