looks like they beat the consensus by one shiny copper piece.
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Gap Inc.'s Second Quarter EPS Up 47% on Sales Gain of 29%
August 12, 1999 08:10 AM
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 12, 1999--Gap Inc. (GPS) today reported record sales and earnings for the fiscal second quarter, which ended July 31, 1999.
Second Quarter
--Net sales increased 29% to $2.453 billion compared to $1.905 billion in 1998. Comparable store sales grew 8% compared with a 19% increase last year.
--Net earnings increased 43% to $195.8 million, from $136.9 million last year.
--Diluted earnings per share grew 47% to $0.22 from $0.15 last year.
First Half
--Net sales increased 31% to $4.731 billion compared to $3.625 billion in 1998. Comparable store sales grew 10% compared to an 18% increase last year.
--Net earnings increased 46% to $398.2 million, from $272.9
million last year.
--Diluted earnings per share grew 47% to $0.44 from $0.30 last year.
"We are pleased with our ability to generate quality growth, with second quarter earnings increasing more than 40% after exceptional growth of nearly 100% last year," said Millard S. Drexler, President and Chief Executive Officer. "Our results for both the quarter and year-to-date also reflect a truly balanced portfolio, as each of our divisions -- Gap, Old Navy, Banana Republic, and International -- grew earnings at double digit rates."
Gap Inc. operated 2,611 stores at the end of the fiscal quarter (1,163 Gap, 699 GapKids, 442 Old Navy, and 307 Banana Republic stores), compared with 2,272 stores (1,068 Gap, 601 GapKids, 332 Old Navy, and 271 Banana Republic stores) at the end of the same period last year. The company operated 20.4 million square feet of retail space at quarter's end, up 21% from the 16.8 million square feet it operated at the end of the quarter last year. |
