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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.

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