Gap Reports Quarterly Profit; Unveils New Buyback

SAN FRANCISCO -- Gap Inc. said late Thursday that quarterly net income came in at $234 million, or 36 cents a share. That compares to net income of $228 million, or 33 cents a share, in the year-earlier period. Net sales climbed 2% to $3.32 billion in the period. Gap was expected to make a profit of 35 cents a share, according to a FactSet survey of analysts. Revenue was estimated to be $3.32 billion. Gap also unveiled a new $750 million stock repurchase plan. The retailer ended the second quarter of its 2010 fiscal year with $150 million