Gap, Inc. (GPS) Misses Q1 EPS by 4c, Affirms FY EPS Guidance

Gap, Inc. (NYSE: GPS) reported Q1 EPS of $0.42, $0.04 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $3.8 billion versus the consensus estimate of $3.6 billion.

Due to the 53rd week in fiscal 2017, comparable sales for the first quarter of fiscal year 2018 are compared with the 13-week period ended May 6, 2017. On this basis, the company’s first quarter comparable sales increased 1% compared with a 2% increase last year. Comparable sales by global brand for the first quarter were as follows:

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

2018 Outlook

Earnings per Share

The company affirmed its full-year diluted earnings per share guidance to be in the range of $2.55 to $2.70.

Comparable Sales

The company continues to expect comparable sales for fiscal year 2018 to be flat to up slightly.

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

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