Gap reports on positive year’s trading
25 February 2011 10:42
Global fashion group Gap Inc. has announced a positive set of trading results for 2010, with net earnings, net sales and earnings per share all up. The San Francisco-based brand said that for the 2010 fiscal year net earnings had grown by $102 million to $1.2 billion, net sales were up 3% to $14.7 billion and earnings per share jumped 19%. The company also stated that its Direct division had enjoyed a 16% increase in year-on-year sales and that its operating margin for the year climbed to 13.4% from 12.8% the previous year.
The company's online and international businesses represented 22% of the total fiscal year 2010 revenue, up 2%from the previous year.
"During 2010, we executed well on our goal of delivering sales improvement alongside our fourth consecutive year of double-digit earnings per share growth," said Glenn Murphy, chairman and chief executive officer of Gap Inc. "We remain committed to investing in the future and executing with speed and consistency, allowing us to capitalize on the enormous global growth potential ahead of us."
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