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Business

Gap Sees Net Income Rises 61 Percent In Strong 4th Quarter

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(Photo by Justin Sullivan/Getty Images)

(Photo by Justin Sullivan/Getty Images)

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SAN FRANCISCO (CBS/AP) – Gap Inc. is reporting a 61 percent increase in profits for the fourth quarter, capping a strong year that saw the company’s turnaround take hold.

The San Francisco-based company, which operates stores under its namesake, Banana Republic and Old Navy brands, said late Thursday that it earned $351 million, or 73 cents per share, in the quarter ended Feb. 2. Revenue rose 10 percent to $4.73 billion in the period.

Analysts had expected 71 cents per share on revenue of $4.7 billion.

Revenue at stores opened at least a year rose 5 percent. The measure is considered a key indicator of a retailer’s health.

The company expects to earn $2.52 to $2.60 this year, below the $2.59 average Street estimate. Gap cites the weakening yen.

 

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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