Gap Third Quarter Profit Slightly Down 1.3%

　　 Beijing time on November 19th morning, according to foreign reports, American apparel retailers Gap Inc announced a third drop in its profits in the 1.3% quarter, but the company increased its earnings per share by repurchasing shares.

Gap confirmed its performance expectations for the full fiscal year and reduced the number of stores planned to close to 100.

Earlier this month, the company announced that sales of its stores for more than a year were basically flat, with net sales rising by 1.7% to $3 billion 650 million, better than analysts expected.

In all Gap businesses, sales of only Old Navy, a low-end brand, fell by 2%, compared with 10% in the same period last year. Gap North American stores and high-end brands Banana Republic. Sales volume They all increased by 1%, while the sales of their overseas stores increased by 3%.

The company has vigorously expanded overseas markets, added stores in China, expanded its business in the European market, and opened up more than 10 countries' global mailing services to online orders. Gap said on Thursday that its online sales increased by 15% recently.

Gap's profit in the third quarter of October 30th dropped to $303 million from $307 million in the same period last year. However, due to the repurchase of 11% of tradable shares in the past quarter, Gap's earnings per share rose to 48 cents from 44 cents a year earlier.

Gap's gross profit margin fell from 42.5% to 41.2% at the end of the quarter. Inventory The increase is about 9%.

　　 Gap plans to reduce the number of closed stores from 110 to 100, but it is still expected to add 65 stores.