Gap Inc. reports rise in 4Q earnings

SAN FRANCISCO Gap Inc. Thursday announced that net earnings for the fourth quarter ended Feb. 2 were $265 million, or 35 cents per share on a diluted basis, compared with $219 million, or 27 cents per share on a diluted basis, for the fourth quarter ended Feb. 3, 2007. Earnings per share on a diluted basis for fiscal year ended Feb. 2 were $1.05, compared with 93 cents for the fiscal Feb. 3, 2007.

The company reported fourth quarter net sales of $4.7 billion, compared with net sales of $4.9 billion for the same period last year. For the fiscal year ended Feb. 2, the company reported net sales of $15.8 billion, compared with net sales of $15.9 billion for the same period last year.

“In 2007, the company made the business decisions and changes necessary to deliver improved earnings for our shareholders,” said Glenn Murphy, chairman and ceo of Gap Inc. “While we’re aware of the challenging economic environment, our leadership team is committed to delivering the right product to our customers while we bring a sharp operational discipline to our business priorities. We’ll work tirelessly to reconnect with customers while we continue to improve our earnings results.”