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Gap Reports Slightly Higher 2Q Profit

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Aug 20, 2009 1:55 pm US/Pacific

Gap Reports Slightly Higher 2Q Profit

GAP: Latest Quote & News

SAN FRANCISCO (CBS 5 / AP) ―

Click to enlarge 1 of 1: A Gap store in San Francisco.
AP

Gap Inc. is reporting second-quarter earnings rose slightly from a year earlier, beating Wall Street expectations by a penny despite a 7 percent decline in sales as the apparel chain cut costs.

The San Francisco-based operator of Old Navy, Banana Republic and its namesake stores said Thursday that it earned $228 million, or 33 cents per share, in the quarter.

That compares with $229 million, or 32 cents per share, in the year-ago period. Sales fell 7 percent to $3.25 billion. Analysts projected earnings of 32 cents per share on revenue of $3.23 billion.

Gap has made solid strides in profitability from cost-cutting, and its Old Navy stores have shown signs of improvement. Now a big task is to recharge its Gap and Banana Republic brands.