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The Gap, Inc. Message Board

  • bluecheese4u bluecheese4u Nov 19, 2009 6:56 PM Flag

    GAP INC. REPORTS THIRD QUARTER NET EARNINGS INCREASED 25 PERCENT

    GAP INC. REPORTS THIRD QUARTER NET EARNINGS INCREASED 25 PERCENT
    SAN FRANCISCO – November 19, 2009 – Gap Inc. (NYSE: GPS) today reported that net earnings for the third quarter, which ended October 31, 2009, increased 25 percent to $307 million, or $0.44 per share on a diluted basis, compared with $246 million, or $0.35 per share on a diluted basis, for the same period last year.
    “We’re pleased with our third quarter results, particularly our ability to deliver earnings 25 percent above last year and our highest third-quarter operating margin in a decade,” said Glenn Murphy, chairman and chief executive officer. “Looking ahead to the holiday season, we’re focused on gaining market share as we invest in marketing and present a strong value proposition to customers across our brands.”
    Financial Performance Highlights
     Third quarter diluted earnings per share increased to $0.44 from $0.35 last year.
     Third quarter net sales increased one percent to $3.59 billion compared with $3.56 billion last year.
     Third quarter gross margin increased 380 basis points to 42.5 percent; and third quarter operating margin increased to 13.9 percent compared with 11.1 percent last year.
     Year to date free cash flow was $931 million.
    Sales Results
    Third quarter net sales were $3.59 billion, compared with $3.56 billion for the third quarter of last year. The company’s third quarter comparable store sales were flat compared with a decrease of 12 percent for the third quarter of last year.
    The following table represents the company’s third quarter comparable store sales and net sales:

    http://www.gapinc.com/public/documents/PR_Q32009EarningsNov19.pdf

 
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