Gap Inc (GPS) Comps Rise 3% Year-Over-Year
Gap Inc (NYSE:GPS) impressed in its third quarter of fiscal 2017, with revenue that grew year-over-year.
Net sales at the retailer for the period came in at $3.84 billion, amounting to a 1.1% increase compared to the year-ago mark. The figure handily beat Wall Street’s forecast of $3.76 billion in revenue.
Gap posted earnings of 58 cents per share on an adjusted basis, down from the 60 cents per share it raked in a year ago. The figure topped the consensus estimate of 54 cents per share.
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The company’s comparable sales were up 3% year-over-year, compared to a 1% decrease a year ago. The figure excludes the fact that it lost 2% on the Fishkill distribution center fire.
Old Navy Global saw its comps rise 4%, compared to a 4% surge a year ago. Gap Global gained 1%, ahead of the 4% a year ago, and Banana Republic Global fell 1%, ahead of the 6% decline a year ago.
“Today, we are happy to report our fourth consecutive quarter of positive comps, reflecting the continued momentum in key parts of our business,” said Art Peck, president and CEO, Gap Inc.
For its fiscal year, Gap projects its earnings to be in the range of $2.18 to $2.22 per share, or $2.08 to $2.12 per share when adjusted to exclude the insurance proceeds from the Fishkill fire.
GPS shares surged 4.1% after hours Thursday. The stock had closed with a 2.2% gain by the ring of the bell.
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