GAP Three Quarter Profit Fell 1.3%

2010/11/19 15:07:00 67

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According to foreign reports, Beijing time on November 19th morning,

U.S.A

Clothing retailer

Gap company

(GapInc) announced that profit fell by 1.3% in the third quarter, but the company increased its earnings per share by repurchase shares.

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

Prior to this, the company has announced that the sales volume of stores over one year was basically flat, and net sales increased by 1.7% to 3 billion 650 million dollars, which was higher than analysts' expectations.

Gap has only its low-end brand in all its businesses.

Old Navy

"(OldNavy) sales fell by 2%, compared with 10% in the same period last year.

Gap North American stores and premium brand bananas

Republic

(BananaRepublic) sales increased by 1%, while the 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.

Although Gap plans to reduce the number of closed stores from 110 to 100, it is expected that 65 stores will be added.