As I have said before, you need to pay attention to what the media is reporting.
Clothing chain Gap Inc. reported an 8.3 percent decline in fourth-quarter profit Thursday, but the results beat Wall Street’s forecasts because of the company’s focus on controlling expenses, including inventory.
The San Francisco-based retailer said it earned $243 million, or 34 cents per share, for the three months ended Jan. 31. That compared with $265 million, or 35 cents per share, in the year-ago period.
Sales for the quarter fell almost 13 percent to $4.08 billion from the year-ago’s $4.67 billion.
Profit is down, not gone. Sales fell, but didn’t stop. Gap, Inc. still made a boatload of money. They still made a profit. They just didn’t make as much as they wanted to.
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