This excerpt taken from the GPS 8-K filed May 19, 2005.
Company Repurchases 26 Million Shares
SAN FRANCISCO May 19, 2005 Gap Inc. (NYSE: GPS) today reported that net earnings for the first quarter, which ended April 30, 2005, declined 7 percent versus prior year to $291 million, or $0.31 per share on a diluted basis, compared with $312 million, or $0.33 per share, for the same period last year.
First quarter net sales decreased 1 percent to $3.6 billion, compared with $3.7 billion for the same period last year. Comparable store sales decreased 4 percent, compared with a prior year increase of 7 percent.
Overall, our first quarter results were disappointing as we were up against record high earnings from last year, said Gap Inc. President and CEO Paul Pressler. Our teams understand our challenges and they are taking the necessary steps to improve. We remain focused on operational discipline and executing our growth strategies.