This excerpt taken from the GPS 8-K filed May 21, 2009.
GAP INC. REPORTS FIRST QUARTER EARNINGS PER SHARE OF $0.31
SAN FRANCISCO May 21, 2009 Gap Inc. (NYSE: GPS) today reported that net earnings for the first quarter, which ended May 2, 2009, decreased to $215 million, or $0.31 per share on a diluted basis, compared with $249 million, or $0.34 per share on a diluted basis, for the first quarter last year.
First quarter net sales were $3.13 billion, compared with $3.38 billion for the first quarter of last year. The companys first quarter comparable store sales decreased 8 percent, compared with a decrease of 11 percent for the first quarter of last year. The companys online sales for the first quarter of 2009, which includes Athleta, increased 13 percent to $267 million, compared with $236 million for the first quarter of last year.
Were pleased with the way we navigated the challenging economic environment, and are particularly encouraged by Old Navys recent performance, said Glenn Murphy, chairman and chief executive officer of Gap Inc. We remain focused on increasing traffic and gaining back market share across all of our brands by offering customers the right products and shopping experiences.