Friday, May 30, 2014

Gap in This Post

"Gap’s 1st-quarter net income declines 22 percent" Associated Press   May 23, 2014

NEW YORK — Gap Inc. said that first-quarter profit fell 22 percent, as the clothing chain’s results were hampered by a disappointing start to spring.

The San Francisco-based retailer, which operates stores under Gap, Old Navy, and Banana Republic, reiterated its annual profit outlook.

‘‘After a disappointing start, I’m pleased with how the business performed toward the end of the quarter, especially at Old Navy,’’ said Glenn Murphy, Gap’s CEO.

Gap earned $260 million, or 58 cents per share, in the three-month period ended May 3. That compares with $333 million, or 71 cents per share, in the year-ago period.

Revenue rose 1.2 percent to $3.77 billion....

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