(Filed Under Financial and General Interest News). Gap Inc. reported second quarter net sales of $3.39 billion, up 2 percent from $3.32 billion during the second quarter of 2010.
Earnings per share dropped from 36 cents last year to 35 cents a share for the second quarter ended July 30. Net income came in at $189 million, down 19 percent from $234 million during the prior year’s period.
"Despite a difficult quarter, we still delivered a net sales improvement and I continue to believe we have far greater opportunities than challenges ahead of us," stated chairman and chief executive officer Glenn Murphy. "Every brand, division and geography is focused on what matters most — delivering consistent, great product and more effective marketing in order to drive higher levels of performance."
During the quarter, the company opened 31 store locations while closing 28. Gap Inc. currently operates 3,248 store locations in 34 countries, including 195 franchise stores.
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