Gap Inc Reports EPS of $0.60 vs. $0.57; Revenue $4.36B vs. $4.26B

Gap Inc. GPS today reported earnings per share for fiscal year 2010 increased 19 percent to $1.88 on a diluted basis compared with $1.58 on a diluted basis for fiscal year 2009. Net earnings grew by $102 million to $1.2 billion. For the fourth quarter, which ended January 29, 2011, the company's net earnings increased 4 percent to $365 million, or $0.60 per share on a diluted basis, compared with $352 million, or $0.51 per share on a diluted basis, for the same period last year. Fourth quarter net sales were $4.36 billion compared with $4.24 billion for the fourth quarter of last year. The company's fourth quarter comparable store sales were flat compared with an increase of 2 percent in the fourth quarter of the prior year. The company's sales for the Direct division for the fourth quarter increased 23 percent to $404 million compared with $329 million for the fourth quarter of last year.