Gap: Fiscal 3Q Earnings Snapshot
SAN FRANCISCO (AP) _ Gap Inc. (GPS) on Tuesday reported fiscal third-quarter net income of $266 million.
The San Francisco-based company said it had net income of 69 cents per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.
The clothing chain posted revenue of $4.09 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $3.98 billion.
Gap expects full-year earnings to be $2.55 to $2.60 per share.
Gap shares have dropped 28 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased 1 percent. In the final minutes of trading on Tuesday, shares hit $24.66, a decline of 18 percent in the last 12 months.