Gap Inc. today reported that net sales for the first quarter, which ended April 28, 2012, increased 6 percent to $3.5 billion compared with $3.3 billion for the first quarter last year. The company’s first quarter comparable sales increased 4 percent. Net income for the first quarter was $233 million, flat compared with the first quarter last year. First quarter diluted earnings per share increased 18 percent to $0.47 compared with $0.40 last year.
The company’s first quarter comparable sales were up 4 percent compared with a 3 percent decrease in the first quarter last year. Comparable sales for the first quarter of fiscal year 2012 were as follows: Gap North America: positive 5 percent versus negative 3 percent last year; Banana Republic North America: positive 5 percent versus negative 1 percent last year; Old Navy North America: positive 4 percent versus negative 2 percent last year; International: negative 4 percent versus negative 6 percent last year.