financial
financial

Gap Net Up 40 Percent

Earnings advance in first quarter, but sales decline 4.8 percent.

Gap Inc. managed to generate higher earnings for the first quarter, despite eroding sales.

The San Francisco-based operator of Gap, Old Navy and Banana Republic said earnings increased 40 percent to $249 million, or 34 cents a diluted share, compared with $178 million, or 22 cents a share, for the first quarter last year.

Earnings from continuing operations for the first quarter, excluding the shuttered Forth & Towne nameplate, were up 21 percent to $249 million, compared with $205 million in last year’s period.

First-quarter sales slipped 4.8 percent to $3.38 billion, compared with $3.55 billion last year. Comparable-store sales decreased 11 percent, compared with a decline of 4 percent in the first quarter of the prior year. Online sales increased 21 percent to $236 million, compared with $195 million for the first quarter of last year.

“We are pleased with our first-quarter results, as we delivered solid earnings growth in a difficult environment,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.

For complete coverage, see Friday's issue of WWD.
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