This excerpt taken from the GPS 8-K filed Mar 1, 2007.
AND FULL YEAR EARNINGS PER SHARE OF $0.93
SAN FRANCISCO March 1, 2007 Gap Inc. (NYSE:GPS) today announced net earnings for the fourth quarter and fiscal year 2006, both of which ended February 3, 2007. Net earnings for the 14 weeks ended February 3, 2007 were $219 million, or $0.27 per share on a diluted basis, compared with $337 million, or $0.39 per share for the 13 weeks ended January 28, 2006. Earnings per share on a diluted basis for the 53 weeks ended February 3, 2007 were $0.93, compared with $1.24 for the 52 weeks ended January 28, 2006.
The company noted that fiscal 2006 had 53 weeks versus 52 weeks in fiscal 2005. Net sales numbers for the quarter and year include this additional week; however, comparable stores sales calculations exclude the 53rd week.
We were not satisfied with our 2006 results and are taking action, said Bob Fisher, interim president and chief executive officer of Gap Inc. In 2007, we are focusing on three priorities: fixing our core business by creating the right product and outstanding store experiences; retaining and developing the best talent in the industry; and examining our organizational structure to ensure that we enable our brands to make decisions and effect change more efficiently. I am confident that we are taking the necessary actions to revitalize our brands.
Since January 2007, the company has taken the following actions: