Gap Inc January Sales up 1%; Raises 2010 EPS Guidance to $1.85 to $1.86

Gap Inc. GPS today reported that January 2011 net sales increased 6 percent compared with last year. Net sales for the four-week period ended January 29, 2011 were $843 million compared with net sales of $797 million for the four-week period ended January 30, 2010. The company's comparable store sales for January 2011 were up 1 percent compared with a 5 percent increase for January 2010. The company raised its guidance for diluted earnings per share for fiscal year 2010 to be in the range of $1.85 to $1.86 versus prior guidance of $1.77 to $1.82.