Gap Misses Views but Mantains Guidance -- Earnings Review
May 24 2018 - 5:33PM
Dow Jones News
By Imani Moise
Gap Inc. reported first-quarter earnings after the closing bell
Thursday. Here's what you need to know:
REVENUE: Sales jumped 10% to $3.78 billion, topping expectations
of $3.61 billion in revenue.
EARNINGS: Earnings rose to 42 cents from 36 cents a share.
Analysts polled by Thomson Reuters had forecast earnings of 46
cents a share.
SAME-STORE SALES. Comparable sales rose 1% during the quarter
compared with 2% growth last year. Analysts were looking for an
increase of 1.7%. A 4% decline in comparable sales at the Gap brand
partially offset 3% gains at Old Navy and Banana Republic.
GUIDANCE: The company signaled that performance is expected to
improve for the rest of the year by backing its annual guidance for
a profit of up to $2.70 a share.
STOCK MOVE: Shares tumbled 8.3% to $30.20 in extended trading
erasing the 3% gain logged during Thursday's session. Prior to the
after-hours decline, the stock has rallied 49% so far this year
while the S&P 500 has risen 13%.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
May 24, 2018 17:18 ET (21:18 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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