Gap Sales Climb, But Earnings Drop
Gap Inc.’s first-quarter earnings were 21 percent lower than last year’s, a result of lower margins and disappointing sales, the company said Thursday.
For the period ending April 29, the Gap posted earnings of $50.1 million, or 35 cents per share. That’s down from $63.5 million, or 44 cents per share, in the comparable 1994 quarter.
Sales were $848 million, compared with $751 million in the same period a year ago.
Chairman Donald G. Fisher said the retail climate is soft.
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