Gap Inc. sees 3Q earnings boost

SAN FRANCISCO Gap Inc. reported that net earnings for the third quarter increased 25% to $307 million, or 44 cents per share on a diluted basis, compared with $246 million, or 35 cents per share on a diluted basis, for the same period last year.

Third quarter net sales were $3.59 billion, compared with $3.56 billion for the third quarter of last year. The company’s third quarter comparable-store sales were flat compared with a decrease of 12% for the third quarter of last year.

“We’re pleased with our third quarter results, particularly our ability to deliver earnings 25% above last year and our highest third-quarter operating margin in a decade,” said Glenn Murphy, chairman and chief executive officer. “Looking ahead to the holiday season, we’re focused on gaining market share as we invest in marketing and present a strong value proposition to customers across our brands.”