Under The Crisis, Gap Plans To Close One Hundred Shopping Malls In 09 Years.
In the fourth quarter of fiscal year 2008, Gap's net income increased to $967 million, or $1.34 after diluted earnings per share, compared to $833 million in the 2007 fiscal year and 1.05 US dollars after diluted earnings per share. Net income increased by 16% over the 2007 fiscal year, and earnings per share increased by 28% over the previous year.
Fourth quarter (end of January 31, 2009), the company's net income was $243 million, or $0.34 after the diluted share, compared to the same period last fiscal year was $265 million, after diluted $0.35.
In fiscal year 2008, cash flow from company activities amounted to $981 million, defined as net cash generated from operating activities minus the purchase amount of property equipment, and cash at the end of the year was $1 billion 800 million.
Fourth quarter net sales of $4 billion 100 million, compared to the fourth quarter of last year was $4 billion 700 million. The fourth quarter of the company is 14% less than that of store sales, compared with a 3% decrease in the fourth quarter of last year. The company's online sales in the four quarter increased 10% from the 289 million US dollars in the fourth quarter to 319 million US dollars.
In the 52 week ended in January 31, 2009, net sales amounted to $14 billion 500 million, compared with the net sales of $15 billion 800 million in the 52 week ended February 2008. Sales in the 2008 fiscal year decreased by 12%, compared with 4% in the previous year. The company's online sales increased by 14% to $1 billion 30 million, compared with $903 million last year.
The company opened 9 stores in the fourth quarter of 2008 and closed 50 shopping malls. By contrast, 28 opened in the fourth quarter of last year, closing 52.
At the end of fiscal year 2008, the company had 3149 shopping malls, and net square feet decreased by 0.3% compared with the end of fiscal 2007.
In fiscal year 2008, the company opened 101 new shopping malls, closing 119 shopping malls, including 17 redeployed shopping malls.
In fiscal year 2009, the company plans to open 50 new shopping malls, about half of which are outside the United States. The company will close about 100 shopping malls. In the 2009 fiscal year, the shopping area is expected to decrease by 2%.
Editor in chief: Xu Qiyun
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