Gap Regaining Its Game
Looks like Gap Inc.’s comeback is roaring on: The San Francisco-based company says its net income for the fourth quarter zoomed to $351 million, from $218 million in the same period a year ago. And sales climbed to $4.73 billion -- up from $4.28 billion, with same store sales gaining 5%.
The results -- better than analysts predicted -- mean that in North America, Gap, Banana Republic, and Old Navy have each delivered positive comparable sales for four quarters straight. Describing the results as “stellar” in its press release, the company also says it plans to almost double its Athleta stores, and that it will open 30 new ones in the year ahead.