Gap's 1st-quarter earnings drop almost 14 percent

May 21, 2009 12:00:00 AM PDT
Gap Inc. is reporting that its first-quarter profit fell almost 14 percent as the apparel chain faces sluggish consumer demand during the recession, but the results narrowly beat estimates. The chain says it posted $215 million, or 31 cents per share, on Thursday for the three months that ended May 2. That compares with $249, or 34 cents per share, a year earlier. It says its revenue dropped 8 percent to $3.13 billion, from $3.38 billion.

Sales at stores open at least a year, or same-store sales, fell 8 percent.

Analysts had forecast profit of 30 cents per share on revenues of $3.14 billion.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

    MORE BUSINESS NEWS | TWEET@ABC30 | FREE ABC30 WIDGET
-----------------------------------------------------------------------------------------------
Sign up for Breaking News Alerts
Breaking News E-Mail Alerts | Text Message Alerts
-----------------------------------------------------------------------------------------------
More News on abc30.com
Local | California/State | National | Weather | Entertainment | Politics | Sports | Health Watch | Consumer Watch | Mr. Food |
-----------------------------------------------------------------------------------------------


Load Comments