Gap Inc reported that net earnings for the third quarter, which ended November 1, 2008, increased to $246 million. The American retailer, which earlier this year closed its London design headquarters, said third quarter net sales were $3.6 billion, compared with $3.9 billion for the third quarter of last year. The company’s third quarter comparable store sales decreased 12 percent, compared with a decrease of 5 percent in the third quarter of last year. The company’s online sales for the third quarter increased 15 percent to $284 million, compared with $247 million for the third quarter of last year. “We’re pleased with our ability to improve our earnings results during the third quarter,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “While we expect the challenging economic environment to continue, we’ll focus on offering our customers an engaging store experience and products at the right value proposition to stand out this holiday season.”

The company continues to expect that it will open about 100 stores and close about 115 stores for fiscal year 2008, including repositions. The company continues to expect that net square footage will remain roughly flat in fiscal year 2008 over last year.

Year-to-date, the company has opened 92 store locations and closed 69 store locations. These numbers include 16 repositions, which are reflected as both an opening and a closing.

Image: Gap Holiday 08

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