(Filed Under Financial and General Interest News). Gap Inc. cited a 25 percent increase in net earnings during the third quarter ended October 31, 2009, to $307 million, or 44 cents per share, from $246 million, or 35 cents per diluted share. According to Glenn Murphy, chairman and chief executive officer of Gap Inc., this marks the company’s highest third quarter operating margin in a decade.
Net sales grew 1 percent, to $3.59 billion from $3.56 billion. Although the company reported sales drops in its Gap North America, Banana Republic North America and International divisions, comparable store sales were flat due to a 10 percent increase in Old Navy North America sales.
The company opened 13 stores and closed 15 during the third quarter compared to 37 openings and 17 closings, ending the quarter with 3,143 total stores.
Gap Inc.’s fiscal 2008 sales were $14.5 billion. For further information, call Aina Konold in the company’s investor relations department: (415) 427-4454.
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