This excerpt taken from the GPS 8-K filed May 18, 2006.
GAP INC. REPORTS FIRST QUARTER EARNINGS PER SHARE OF $0.28
SAN FRANCISCO May 18, 2006 Gap Inc. (NYSE: GPS) today reported that net earnings for the first quarter, which ended April 29, 2006, decreased 17 percent versus prior year to $242 million, or $0.28 per share on a diluted basis, compared with $291 million, or $0.31 per share, for the same period last year.
First quarter net sales decreased 5 percent to $3.44 billion, compared with $3.63 billion for the same period last year. Comparable store sales decreased 9 percent, compared with a decrease of 4 percent in the same period last year.
During the first quarter, we made progress in each of our brands to improve the product and store experience, said Gap Inc. president and CEO Paul Pressler. We remain confident in the strategies underway to turn around our business performance and look forward to seeing the progress reflected in our financial results in the second half of the year.