Published May 23, 2008, 12:00 AM
Gap Inc. boosts first-quarter profit on tight cost management
Clothing retailer Gap Inc. boosted its first-quarter profit by 40 percent despite a persisting sales slump that seems likely to deepen this summer as consumers scrimp on fashion to help offset rising gasoline and food bills.
SAN FRANCISCO (AP) — Clothing retailer Gap Inc. boosted its first-quarter profit by 40 percent despite a persisting sales slump that seems likely to deepen this summer as consumers scrimp on fashion to help offset rising gasoline and food bills.
The San Francisco-based merchant said Thursday that it earned 249 million, or 34 cents per share, during the three months ended May 3. That compared with net income of $178 million, or 22 cents per share, at the same time last year.
Revenue for the period fell 5 percent to $3.38 billion.
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