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Earnings Roundup / Gap

8% decline beats expectations

February 27, 2009|Times Wire Reports

Clothing chain Gap Inc. reported an 8.3% decline in fourth-quarter profit, but the results beat Wall Street's forecasts because of the company's focus on controlling expenses, including inventory.

The San Francisco-based retailer said it earned $243 million, or 34 cents a share, for the three months ended Jan. 31. That compared with $265 million, or 35 cents, a year earlier.

Sales for the quarter fell almost 13% to $4.08 billion.

Analysts surveyed by Thomson Reuters had expected the company to earn 32 cents a share on revenue of $4.11 billion.

Investors sent shares down 28 cents, or 2.47%, in after-hours trading to $11.07. The shares closed down 25 cents, or more than 2%, to $11.35 in regular trading. Results were announced after the regular markets closed.

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