Gap Inc. (GPS: Quote) reported net income for the fourth quarter of $351 million or $0.73 per share, compared to $218 million or $0.44 per share for the year-ago quarter.
Net sales for the fourth quarter rose to $4.73 billion from $4.28 billion in the same quarter last year. Same-store sales for the quarter were up 5%.
Analysts polled by Thomson Reuters expected the company to earn $0.71 per share on revenue of $4.63 billion for the fourth quarter.
Looking forward, the company forecast fiscal year 2013 earnings of $2.52 to $2.60 per share. Analysts currently expect the company to earn $2.59 per share for the fiscal year 2013.
The company also said that its Board of Directors approved a plan to increase the company's annual dividend per share by 20% to $0.60 per share for fiscal year 2013. This is the fourth consecutive year Gap Inc. has increased its dividend.
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by RTT Staff Writer
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