By  on May 23, 2008

Through inventory control and expense reductions on several fronts, Gap Inc. generated higher earnings for the first quarter despite eroding sales.

The San Francisco-based operator of Gap, Old Navy and Banana Republic said earnings increased 40 percent to $249 million, or 34 cents a share on a diluted basis, compared with $178 million, or 22 cents a share, for the first quarter last year.

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