Gap reported net income of $352 million ($0.51 Diluted EPS) for the fourth quarter ended Jan 30, a 45% increase from a year ago. Net sales increased 3.8% to $4.236 billion, while same-store sales rose 2%. This was the first comparable sales increase since the first quarter of 2004. Commenting on the results, CEO Glenn Murphy said “Led largely by our progress at Old Navy, we ended 2009 with a much-improved economic model and strong balance sheet. We’re now ready for our business to grow and move forward, as we aim to gain market share in North America and make a series of investments to bring our well-known brands to more customers around the world.”
