Gap Inc. GPS reported earnings after the bell today that beat street estimates. The company reported that Q1 EPS came in at $0.45, this beat Street estimates by two pennies. The company said that sales increased 6% to $3.33 billion, compared with $3.13 billion last year Q1.
Gap said that Gross margin grew to 42.1 percent compared, which was an increase of 11.3% over the prior year.
The dividend was increased 18 percent from the prior quarter and about 14 million shares were repurchased for $296 million during the quarter, underscoring the company's commitment to return excess cash to shareholders.
Guidance was raised as well; the company said they see FY 2010 coming in at $1.77-1.82 per share.
Shares were lower in the after-hours trade by 1.06%, currently at $21.51.
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