Updated from Feb. 26
earnings per share rose 37% in the fourth quarter, despite a modest sales gain.
The clothing retailer earned $355.84 million, or 37 cents a share, in the quarter, compared to $248.73 million, or 27 cents per share, a year ago. The company's sales rose 5.1% to $4.89 billion.
The results met Wall Street's expectations. Analysts polled by Thomson First Call were looking for earnings of 37 cents a share on sales of $4.85 billion.
Gap shares were recently up 30 cents, or 1.4%, to $21.38.
Gap did not immediately provide its earnings or revenue outlook for 2004. Analysts expect the company to earn 25 cents a share on $3.45 billion in sales in the current quarter. For the full year, Wall Street has projected $1.24 a share in earnings on sales of $16.45 billion.