Gap Inc. ends year with strong earnings growth

SAN FRANCISCO — Gap Inc. reported that net sales for the fourth quarter were $4.73 billion, compared with $4.28 billion for the same period last year. Same-store sales were up 5% for the quarter, compared with a 4% decrease during the same period last year.

Net income for the quarter was $351 million, or 73 cents per share on a diluted basis. This compares with net income of $218 million, or 44 cents per share on a diluted basis, for the same period last year.

For the fiscal year, the company said improved product performance and global expansion helped drive net sales up 8% for the year.

The company reported earnings per share for the fiscal yearincreased 49% to $2.33 on a diluted basis, compared with $1.56 for the same period last year.

“Our results in 2012 were stellar in many ways, and I’m very pleased with how well our productresonated with customers,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.“We enter 2013 focused on leveraging our global brands to gain more market share andcontinuing to increase shareholder value.”