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 This material may not be published, broadcast, rewritten, or redistributed.)


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Watch & Listen LIVE