Gap Inc. (GPS) reported that its third-quarter net income increased to $307 million from $246 million last year. Earnings per share was $0.44 compared to $0.35 a year ago.
On average, 26 analysts polled by Thomson Reuters expected the company to report profit of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales were $3.59 billion compared to $3.56 billion last year. Analysts expected revenue of $3.58 billion for the quarter.
Gap North America comparable store sales decreased 7%.
The company also announced that its board of directors authorized an additional $500 million share repurchase program, and that it has entered into new purchase agreements with members of the Fisher family. The company expects that about $20 million, or approximately 4%, of the $500 million share repurchase program, will be purchased from these Fisher family members.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.