This excerpt taken from the GPS 8-K filed Nov 17, 2005.
Net Sales Decrease 3%; EPS $0.24
SAN FRANCISCO November 17, 2005 Gap Inc. (NYSE: GPS) today reported that net earnings for the third quarter, which ended October 29, 2005, of $212 million, or $0.24 per share on a diluted basis, decreased from $265 million, or $0.28 per share, for the same period last year.
Third quarter net sales were $3.9 billion, compared with $4.0 billion for the same period last year. Comparable store sales decreased 7 percent, compared with a decrease of 1 percent in the third quarter of the prior year.
Our third quarter results were unacceptable, said Gap Inc. CEO and President Paul Pressler. However, the issues we face today are fixable and we are aggressively executing plans to provide more compelling product and exceptional store experiences for our customers.