Gap Inc. (San Francisco) reported sales increased across all of its brands in the first quarter of fiscal year 2010 compared with the first quarter last year. Net income for the first quarter, which ended May 1, 2010, rose 40 percent to $302 million, while net sales grew 6 percent. Gap’s same-store sales increased 4 percent compared with a decrease of 8 percent for the first quarter last year.
“We got off to a great start this year by improving our top line and delivering significant earnings growth,” says Glenn Murphy, chairman and ceo, Gap Inc. “Fueled by our strengthened economic model, we’re in a strong position to execute on our international and online strategic investments as we continue to build upon the momentum in North America.”
Among its divisions, same-store sales rose 2 percent at Gap North America; 5 percent for Banana Republic North America; 7 percent for Old Navy North America; and remained flat for its international sector.