Gap Inc. (GPS) reported that its comparable store sales for January 2010 were up five percent compared with a 23% decrease in January 2009. Net sales increased five percent to $798 million from $757 million last year.
For the thirteen weeks ended January 30, 2010, total company net sales were $4.24 billion, which is an increase of 4% as compared with net sales of $4.08 billion for the thirteen weeks ended January 31, 2009. The company's fourth quarter comparable store sales increased 2% compared with a decrease of 14% in the fourth quarter of the prior year.
The company expects earnings per share for the fourth quarter of fiscal year 2009 to be $0.49 to $0.51, which is an increase of about 50 percent compared with $0.34 for the fourth quarter last year. Analysts polled by Thomson Reuters expect the company to report earnings of $0.44 per share. Analysts' estimates typically exclude special items.
The company said that expected fourth quarter earnings per share includes about a $0.01 benefit from the Visa / Mastercard settlement the company received in December 2009.
For comments and feedback: editorial@rttnews.com