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Gap online sales up for second quarter

Aug '08
Gap Inc released its earnings results for the second quarter of 2008. The company reported that second quarter net earnings increased 51 percent through the combination of driving healthy margins and effectively managing costs.

For the quarter ended August 2, 2008, net earnings were $229 million, or $0.32 per share on a diluted basis, compared with $152 million, or $0.19 per share, for the second quarter last year.

The 2007 second quarter diluted earnings per share included $0.02 of expenses related to the company's cost reduction initiatives. Excluding the $0.02 per share of expenses, second quarter diluted earnings per share last year on a non-GAAP basis were $0.21 per share.

“External conditions aside, we continue to deliver improved earnings with healthy margins and I am pleased with our second quarter results,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “While we continue to pursue our 2008 financial strategy, we are very focused on bringing more customers into our stores.”

Second quarter net sales were $3.50 billion, compared with $3.69 billion for the second quarter of last year. The company's second quarter comparable store sales decreased 10 percent, compared with a decrease of 5 percent in the second quarter of the prior year. The company's online sales for the second quarter increased 11 percent to $191 million, compared with $172 million for the second quarter of last year.

The company reaffirmed that it expects fiscal year diluted earnings per share on a GAAP basis to be $1.30 to $1.35.

Effective Tax Rate:
The effective tax rate was 39.3 percent for the second quarter of fiscal year 2008. The company continues to expect that the effective tax rate will be about 39 percent for full year 2008.

Cash and Investments:
The company ended the second quarter with $1.7 billion in cash and investments. For the second quarter, free cash flow, defined as net cash provided by operating activities less purchases of property and equipment, was an inflow of $354 million. The company now expects to generate about $1 billion in free cash flow for the full year up from its previous guidance of about $900 million.

Gap Inc

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