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August 24, 2007
Gap Surprises With Earnings Rise
Gap reported a 19 percent increase in its second quarter earnings to $152 million this week, marking its first profit rise in two years. The struggling San Francisco retailer said that same store sales were down 5 percent in the quarter, but it made up for losses by trimming staff and expenses.
Reaction to spring/summer goods was mixed, Gap said, adding that its fall inventory should bring in a stronger performance.
It will be interesting to see how the company fares over the next few quarters under the direction of new chairman and CEO Glenn Murphy.
Posted by Blacks on August 24, 2007 09:18 AM
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