Gap Inc. earnings suffer on higher cost of goods
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SAN FRANCISCO — The rising cost of goods and a challenging economic environment took its toll on Gap Inc.'s first-quarter sales and earnings. Gap Inc. reported that net income for the first quarter decreased 23% to $233 million compared with $302 million for the first quarter last year. First quarter diluted earnings per share was 40 cents. The company reported that net sales decreased 1% to $3.30 billion. Comparable sales, which includes associated comparable online sales, decreased 3%. The 3% comparable-store sales decline included a 3% decrease at Gap North America, a 1% decrease at Banana Republic North America,
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