This excerpt taken from the GPS 8-K filed Nov 16, 2006.
GAP INC. REPORTS THIRD QUARTER EARNINGS PER SHARE OF $0.23
SAN FRANCISCO November 16, 2006 Gap Inc. (NYSE: GPS) today reported net earnings for the third quarter which ended October 28, 2006, of $189 million, or $0.23 per share on a diluted basis, compared with $212 million, or $0.24 per share, for the same period last year.
Third quarter net sales were $3.9 billion, compared with $3.9 billion for the same period last year. Comparable store sales decreased 5 percent, compared with a 7 percent decrease for the same period last year.
Our third quarter results reflect that each brand is at a different stage in its turnaround, said Paul Pressler, president and CEO, Gap Inc. We are pleased with the solid performance at Banana Republic and continued progress each month of the quarter at Gap brand; however, Old Navys results were disappointing. Heading into the holiday season, our teams are focused on driving strong execution.