By MICHAEL LIEDTKE, AP Business Writer Fri May 23, 5:14 AM ET SAN FRANCISCO - Gap Inc.'s sales are slumping and shoppers appear unlikely to spend more anytime soon, but the clothing retailer still boosted its first-quarter profit by 40 percent by managing inventory and cutting costs."We are pleased with our first-quarter performance in what undoubtedly was one of the most difficult retailing environments in recent memory," Gap Chairman Glenn Murphy said in a conference call with analysts.
The San Francisco-based merchant said Thursday that it earned $249 million, or 34 cents per share, during the three months ended May 3. That compared with net income of $178 million, or 22 cents per share, at the same time last year.
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