Gap Climbs on Q4 Results

Clothing retailer Gap

released its fiscal fourth-quarter earnings after the closing bell on Thursday. In the after hours, the stock has risen better than three percent to $34.00. The company reported net income of $351 million or $0.73 per share, compared to $218 million or $0.44 per share, in last year's corresponding period. Net sales for the quarter were $4.73 billion, up from $4.28 billion in last year's fiscal fourth-quarter. Heading into the report, Wall Street analysts had consensus EPS estimates of $0.71 on sales of $4.63 billion. Looking ahead to fiscal 2013, Gap guided for EPS of $2.52 to $2.60. Currently, analysts anticipate that Gap will earn $2.59 per share for fiscal 2013. The company's Board of Directors also approved a plan to increase the dividend by around 20 percent to $0.60 per share.