Gap Releases 1Q Sales

Gap Releases 1Q Sales
June 04, 2008

San Francisco-based Gap Inc. reported net earnings of $249 million for the first quarter ending May 3, 3008, compared with $178 million for the same time period last year, according to the Associated Press. Net revenue declined 5 percent to $3.38 billion; while same-store sales decreased 11 percent. "We are pleased with our first-quarter performance in what undoubtedly was one of the most difficult retailing environments in recent memory," said Glenn Murphy, chairman of the Gap. The company operates 3,177 stores worldwide under the Gap, Old Navy and Banana Republic brands.

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