Gap Inc. GPS reported earnings per share for the second quarter, which ended July 31, 2010, increased 9 percent to $0.36 per share on a diluted basis, compared with $0.33 per share on a diluted basis last year. Net earnings grew 3 percent to $234 million compared with $228 million for the second quarter last year.
Second Quarter Financial Highlights
-- Diluted earnings per share increased 9 percent to $0.36 from $0.33 last year.
-- Net sales increased 2 percent to $3.32 billion compared with $3.25 billion last year.
-- Gross profit grew 2 percent to $1.31 billion compared with $1.29 billion last year.
-- Operating margin increased 40 basis points to 12.0 percent compared with 11.6 percent last year. This is the highest second quarter operating margin in a decade.
-- About 38 million shares were repurchased for $799 million during the quarter, and a new $750 million share authorization underscores the company's commitment to returning excess cash to shareholders.
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