Gap, Inc. (GPS) Tops Q3 EPS by 4c; Raises Outlook
Gap, Inc. (NYSE: GPS) reported Q3 EPS of $0.58, $0.04 better than the analyst estimate of $0.54. Revenue for the quarter came in at $3.84 billion versus the consensus estimate of $3.76 billion.
Gap Inc.’s comparable sales for the third quarter of fiscal year 2017 were up 3 percent versus a 1 percent decrease last year, which excluded an estimated negative impact from the Fishkill distribution center fire of approximately 2 percentage points.
“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 chief executive officer, Gap Inc.
“We continue to make progress against the balanced growth strategy we outlined in September, driving efficiency at our more mature brands, while growing our footprint in the value and active space, and investing in our online and mobile experience.”
GUIDANCE:
Gap, Inc. sees FY2017 EPS of $2.08-$2.12, versus the consensus of $2.06. The company now expects comparable sales for fiscal year 2017 to be up low-single-digits.
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