Gap, Inc. (GPS) Tops Q3 EPS by 2c, Comps Decline 4%, Affirms FY Guidance

Gap, Inc. (NYSE: GPS) reported Q3 EPS of $0.53, $0.02 better than the analyst estimate of $0.51. Revenue for the quarter came in at $4 billion versus the consensus estimate of $3.96 billion.

The company’s third quarter fiscal year 2019 comparable sales were down 4% versus flat last year. Comparable sales by global brand for the third quarter were as follows:

• Old Navy Global: negative 4% versus positive 4% last year
• Gap Global: negative 7% versus negative 7% last year
• Banana Republic Global: negative 3% versus positive 2% last year

GUIDANCE:

Gap, Inc. sees FY2019 EPS of $1.70-$1.75, versus the consensus of $1.74.

• The company affirmed its reported diluted earnings per share guidance for fiscal year 2019 to be in the range of $1.38 to $1.47 and its adjusted diluted earnings per share guidance range of $1.70 to $1.75.
• Comparable Sales
• The company now expects comparable sales for fiscal year 2019 to be down mid-single digits.
• Net Sales
• The company now expects net sales growth for fiscal year 2019 to be down low-single digits.

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

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