FONT-SIZE Plus   Neg

Gap July Same-store Sales Up 2%; Guides Q2 EPS Above Consensus

Gap Inc. (GPS) said Thursday that its same-store sales increased 2% in July.

For July, same-store sales fell 2% at the company's namesake stores, while it rose 6% at Banana Republic stores and rose 3% at Old Navy stores.

Net sales for the four-week period ended August 2, 2014 increased 5% to $1.17 billion from $1.12 billion for the four-week period ended August 3, 2013.

For the second quarter, same-store sales were flat, while net sales increased 3% to $3.98 billion from $3.87 billion for the second quarter of last year.

The company said it expects second quarter earnings to be in the range of $0.73 to $0.74 per share, which includes a benefit of about $0.05 per share from a gain on the sale of a building owned but not occupied by the company. Excluding the benefit, the company expects its adjusted second quarter earnings to be $0.68 to $0.69 per share.

Analysts polled by Thomson Reuters currently expect the company to earn $0.66 per share on revenue of $3.96 billion for the second quarter.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Microsoft's (MSFT) office assistant Cortana for iOS beta has arrived, but only 2000 people will be able to test the virtual assistant. Apple confirmed that it has bought face animation software firm Faceshift, although it was tight lipped about how it intends to use the new addition. The move is speculated as a bid to expand into virtual reality. Environment ministry of South Korea Thursday ordered Volkswagen Korea to recall 125,522 diesel vehicles on determining actual emissions of nitrogen oxides. The ministry has asked the German automobile maker to pay a fine of 14.1 billion Won or $12.31 million. The company has to submit a recall plan by January 6, 2016.
comments powered by Disqus
Trade GPS now with 
Follow RTT