Gap, Inc. (GPS) Tops Q1 EPS by 7c; Reaffirms

Gap, Inc. (NYSE: GPS) reported Q1 EPS of $0.36, $0.07 better than the analyst estimate of $0.29. Revenue for the quarter came in at $3.4 billion versus the consensus estimate of $3.39 billion.

The company also reaffirmed its full-year diluted earnings per share guidance to be in the range of $1.95 to $2.05.

“We are pleased with our positive comp and earnings growth this quarter,” said Art Peck, president and chief executive officer, Gap Inc. “We’ve made substantial improvements in product quality and fit, and our increasing responsive capabilities are enabling us to better react to trends and demand.\"

“While the retail environment continues to be challenging, we are focused on delivering the best possible product and customer experience, and our ability to leverage a portfolio of iconic brands and operating scale uniquely positions the company for long-term growth,” Peck continued.

First Quarter 2017 Comparable Sales Results

Gap Inc.’s comparable sales for the first quarter of fiscal year 2017 were up 2 percent versus a 5 percent decrease last year. Comparable sales by global brand for the first quarter were as follows:

• Old Navy Global: positive 8 percent versus negative 6 percent last year
• Gap Global: negative 4 percent versus negative 3 percent last year
• Banana Republic Global: negative 4 percent versus negative 11 percent last year

For earnings history and earnings-related data on Gap, Inc. (GPS) click here.

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