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Gap fiscal Q4 profit climbs YOY

Gap Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 31 was 75 cents per share, compared with the S&P Capital IQ consensus estimate of 74 cents per share.

EPS rose 7.5% year over year from 70 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $320.0 million, an increase from $315.6 million in the fourth quarter ended Feb. 1, 2014.

The normalized profit margin dropped to 6.8% from 6.9% in the year-earlier period.

Total revenue rose year over year to $4.71 billion from $4.58 billion, and total operating expenses rose year over year to $4.19 billion from $4.08 billion.

Reported net income grew 5.6% from the prior-year period to $321.5 million, or 75 cents per share, from $304.6 million, or 67 cents per share.

For the year, the company's normalized net income totaled $2.87 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.81.

EPS rose from $2.80 in the prior year.

Normalized net income was $1.26 billion, a decline from $1.31 billion in the prior year.

Full-year total revenue grew year over year to $16.43 billion from $16.15 billion, and total operating expenses grew on an annual basis to $14.36 billion from $14.03 billion.

The company said reported net income decreased year over year to $1.26 billion, or $2.87 per share, in the full year, from $1.28 billion, or $2.74 per share.