Net sales for the five-week period ended January 1, 2011 were $2.0 billion compared with $2.0 billion for the same period last year.

The company’s comparable store sales for December 2010 were down 3% compared with a 2% increase in December 2009.

Banana Republic, an American clothing brand owned by the Gap Inc. group

“After a strong start to the holiday season in November, sales and traffic trends for our brands were less consistent in December,” said Sabrina Simmons, Gap’s CFO. “For the full year, we are reaffirming our previous guidance of $1.77 to $1.82 per share, which represents annual earnings per share growth of 12 to 15 percent.”

Year-to-date net sales were $13.82 billion for the forty-eight weeks ended January 1st 2011, an increase of 3% compared with the same period ended January 2nd 2010. The company’s year-to-date comparable store sales increased 1% compared with a 4% decrease last year.