US: Gap upbeat after Q3 profit rises 25%
By just-style.com | 20 November 2009
- Q3 net earnings up 25% to US$307m
- Net sales rise 1% to $3.59bn
- Signals intent to gain US market share
Apparel retail group Gap Inc is aiming to build market share this holiday season after posting a 25% gain in third quarter net profit to US$307m.
Net sales were up 1% to $3.59bn in the three months to 31 October, while comparable store sales were flat.
Old Navy led the company's performance, with sales up 8.3% to $1.3bn.
Meanwhile, Gap North America sales fell 7.8% to $987m, Banana Republic North America fell 4.4%, direct sales rose 5.3% and international revenues increased 2.4% to $378m.
"We're pleased with our third quarter results, particularly our ability to deliver earnings 25% above last year and our highest third quarter operating margin in a decade," said company chairman and CEO Glenn Murphy.
"Looking ahead to the holiday season, we're focused on gaining market share as we invest in marketing and present a strong value proposition to customers across our brands."
Click here for further analysis of Gap's third quarter.
Sectors: Apparel, Finance, Retail
Companies: Gap Inc
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