(Filed Under Financial and General Interest News). Driven by sales increases across all of its brands, Gap Inc. cited a 40 percent net income jump during the first quarter ended May 1, 2010, to $302 million from $215 million during last year’s first quarter.
Net sales increased 6 percent, to $3.33 billion from $3/13 billion. Comparable store sales increased 4 percent compared to an 8 percent decrease during last year’s quarter, with sales up 2 percent, 5 percent and 7 percent at Gap North America, Banana Republic North America and Old Navy North America, respectively. International sales were flat, excluding wholesale and franchise businesses.
“We got off to a great start this year by improving our top line and delivering significant earnings growth,” Glenn Murphy, chairman and chief executive officer of Gap Inc. said. “Fueled by our strengthened economic model, we’re in a strong position to execute on our international and online strategic investments as we continue to build upon the momentum in North America.”
Gap Inc. opened 9 stores and closed 19, ending the quarter with 3,085 store locations, a 2 percent decrease in net square footage from same the time last year. The company expects to open about 65 stores during fiscal 2010, mostly in its international and outlet segments. It expects to close approximately 110 stores during the year, weighted toward the Gap brand. It expects total store square footage to decrease approximately 3 percent by the end of the year.
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