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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