US Apparel Retailer Gap Third Profit Fell 1.3%

2010/11/22 14:43:00 65

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Beijing time on November 19th morning, according to foreign reports, the United States

Clothing retailer

Gap Inc Announces Third
財季利潤小幅下降1.3%，不過公司通過回購股票促使每股盈利出現增長。

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 more than a year's stores were opened.

Sales volume

Basically flat, net sales increased 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.

Sales of Gap North American stores and high-end brand Banana Republic increased by 1%, while sales of 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 dropped from 42.5% to 41.2%, and inventories grew by about 9% at the end of the quarter.

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