This excerpt taken from the GPS 8-K filed Feb 25, 2010.
Company Achieves 18 Percent Increase in Full Year Earnings Per Share
SAN FRANCISCO February 25, 2010 Delivering its third consecutive year of double-digit earnings per share growth, Gap Inc. (NYSE:GPS) today reported earnings per share for fiscal year 2009 increased 18 percent to $1.58 per share on a diluted basis, compared with $1.34 per share on a diluted basis for fiscal year 2008. Net earnings grew by $135 million to $1.1 billion from $967 million last year.
The earnings results were driven by improved sales in the quarter and continued margin improvement.
Led largely by our progress at Old Navy, we ended 2009 with a much-improved economic model and strong balance sheet, said Glenn Murphy, chairman and chief executive officer of Gap Inc. Were now ready for our business to grow and move forward, as we aim to gain market share in North America and make a series of investments to bring our well-known brands to more customers around the world.
By the end of 2010, Gap Inc. plans to make targeted, long-term growth investments such as: rolling out the new Old Navy store model to an additional 200 stores; opening its first Gap stores in China and Italy; expanding Banana Republic in Europe; adding more Outlet stores in Canada, Europe and Asia; and leveraging its online shopping platform to bring several of its brands to customers in Canada and the United Kingdom, as well as nine additional countries in Europe.