This excerpt taken from the GPS 8-K filed Aug 18, 2005.
Net Earnings Increase 39%; EPS $0.30
SAN FRANCISCO August 18, 2005 Gap Inc. (NYSE: GPS) today reported that net earnings for the second quarter, which ended July 30, 2005, increased 39 percent versus prior year to $272 million, or $0.30 per share on a diluted basis, compared with $195 million, or $0.21 per share, for the same period last year.
Second quarter net sales were $3.7 billion, compared with $3.7 billion for the same period last year. Comparable store sales decreased 3 percent, compared with a flat comp in the prior year.
In the second quarter, we delivered respectable financial results with an increase in earnings per share, but our summer product performance continued to be challenging, said Gap Inc. CEO and President Paul Pressler. Although we are still facing challenges, we are committed to executing our strategies to improve business performance for the second-half of the year. Across all of our brands, the teams are focused on creating stronger product assortments and improving the store experience for our customers.