logo
  

Gap Lifts FY21 Outlook; Shares Up 6%

Shares of Gap Inc. (GPS) jumped over 6% in extended session on Thursday after the apparel retailer lifted its full year 2021 outlook.

The company now sees full-year earnings of $2.10 to $2.25 per share, compared to prior estimate of $1.60 to $1.75 per share. Analysts polled by Thomson Reuters currently estimate earnings of $1.78 per share for the year.

For the second quarter, Gap reported profit of $258 million or $0.67 per share, compared to a loss of $62 million or $0.17 per share in the same period last year. Adjusted earnings for the quarter was $272 million or $0.70 per share for the period. Analysts projected earnings of $0.43 per share for the quarter.

Revenues for the quarter grew 29% $4.21 billion from $3.28 billion in the same period last year. Analysts had a consensus revenue estimate of $4.12 billion for the quarter. Comparable sales were up 3% year-over-year, and up 12% versus 2019.

GAP closed Thursday's trading at $26.35, down $1.13 or 4.11%, on the NYSE. The stock, however, gained $1.65 or 6.26% in the after-hours trade.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Cryptocurrency Dogecoin's price jumped over 15% on Friday, but later lost some of the gains, after Tesla Inc. (TSLA) CEO Elon Musk announced that the luxury car maker will start accepting the meme cryptocurrency as payment for its merchandise. "Tesla merch buyable with Dogecoin," Musk tweeted on Friday. Dogecoin... US investment bank JPMorgan Chase & Co. reported Friday a profit for the fourth quarter that declined 14 percent from last year, hurt primarily by higher noninterest expense and lower credit reserve releases. Both adjusted earnings per share and revenues for the quarter topped analysts' expectations. Microsoft Corp. said its Board of Directors has initiated a review of the effectiveness of its workplace sexual harassment and gender discrimination policies and practices. The company has hired the law firm of Arent Fox to conduct the review mainly on sexual harassment investigations, including that of co-founder Bill Gates.
Follow RTT