Gap Inc. sees 1Q EPS decrease

SAN FRANCISCO Gap Inc. reported that net earnings for the first quarter decreased to $215 million, or 31 cents per share on a diluted basis, compared with $249 million, or 34 cents per share on a diluted basis, for the first quarter last year.

First quarter net sales were $3.13 billion, compared with $3.38 billion for the first quarter of last year. The company’s first quarter comparable-store sales decreased 8%, compared with a decrease of 11%  for the first quarter of last year.

“We’re pleased with the way we navigated the challenging economic environment, and are particularly encouraged by Old Navy’s recent performance,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “We remain focused on increasing traffic and gaining back market share across all of our brands by offering customers the right products and shopping experiences.”