Gap’s Profit Rises 40 Percent

Gap said Thursday that first-quarter net profit jumped 40 percent on tighter inventories and fewer markdowns despite lower sales.

The global apparel company, in the midst of a turnaround effort, posted earnings that topped both company and Wall Street estimates, but sales were weaker than analysts expected.

First-quarter net income increased to $249 million, or 34 cents a share, from $178 million, or 22 cents a share, a year earlier.

Read Full Article from New York Times

- Posted: 2008-05-23 08:51:59

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