Strong Q4 Sends Gap’s Estimates Soaring
Zacks.com submits:
Earnings estimates of Gap Inc. (GPS), a premier international specialty retailer, have increased recently with strong fourth quarter and fiscal 2009 results (see conference call transcript here). The company reported net income of $352 million or 51 cents per share during the quarter, compared to $243 million or 34 cents per share in the year-earlier quarter. For fiscal 2009, Gap reported net income of $1.1 billion or $1.58 per share compared to $967 million or $1.34 per share in fiscal 2008.
Net sales during the quarter were $4.24 billion compared to $4.08 billion in the year-ago quarter. Comparable store sales increased 2% during the quarter compared to a year earlier. Robust earnings were primarily driven by solid sales at its low-priced Old Navy segment and the highest fourth quarter operating margins in over a decade. The Old Navy chain has benefited from the increasing preference among U.S. shoppers for lower-priced stores due to the challenging macroeconomic environment.
Investing, Long Term Investment, stock market | admin March 8, 2010
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