Gap Earnings Rise 37%

The clothing retailer meets expectations with EPS of 37 cents as sales rise 5.1% vs. a year ago.
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Updated from Feb. 26

Gap's

(GPS) - Get Report

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.