Gap Gives Rosy Guidance for Full Year
February 08 2016 - 5:16PM
Dow Jones News
By Josh Beckerman
Gap Inc. gave rosy guidance for the fiscal year for which it
plans to report on shortly, despite saying fourth-quarter overall
sales declined and comparable sales at its three major brands fell
in January.
Shares, up 4.7% in the past month, edged up 1.3% to $24.30 in
after-hours trading.
Gap said its fiscal 2015 earnings per share excluding items are
projected at $2.41 to $2.42, at the high of its earlier
guidance.
The company also said its overall sales for the fourth quarter
totaled $4.39 billion, down from $4.71 billion in the year-earlier
quarter. Analysts polled by Thomson Reuters had forecast $4.46
billion.
The company saw a 6% comparable-store sales decline in January
at Gap and noted that comparable sales fell 17% at Banana Republic
and 6% at Old Navy.
Gap is slated to release full fourth-quarter results Feb.
25.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 08, 2016 17:01 ET (22:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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