Earnings Report: Gap Inc. Reports YOY Boost to Quarterly Net Income; Net Sales up 2%

"The Gap Inc. (NYSE:GPS) posted a profit following the closing bell Thursday, reporting quarterly net income of $234 million, or $0.36 per share, up from the year-ago period's net income of $228 million, or $0.33 per share.

Net sales rose 2% to $3.32 billion.

FactSet analysts expected a quarterly profit of $0.35 per share.

The company also launched a $750 million stock repurchase plan.

SmarTrend alerted subscribers to take profits in Gap on May 06, 2010 at $22.83, since then the stock fell 22.5%.

We are now watching for any positive developments that could result in a new uptrend signal."

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