The Gap (NYSE: GPS) announced its results for the third quarter on November 17, 2011. Let's take a closer look at the company's industry, financials, and commentary and see what steps you can take next.
Earnings and Revenue:
The Gap's EPS outpaced analyst estimates while the company's revenues came in below predictions. The company reported EPS of 38 cents/share versus the 37 cents/share estimate and revenues of $3.59 billion versus the $3.61 billion estimate. Revenue fell 1.8% from the same period last year while EPS is down 20.8%.
Last quarter marks the third in a row in which the company's net income has fallen. Profits declined 19.2% in the second quarter and 22.8% in the first quarter. Year over year revenue increases in the past five quarters have averaged 0.8%.
Income:
Over the past year, The Gap reported net income of $1.73/share. The company trumped analyst projections of $1.68 by 3%. According to the reported number, the company's income fell 36.3% from last year's levels.
Official Comment:
"Across our brands, we're intensely focused on improving our current sales trend, including making necessary product and marketing adjustments, with a view toward building momentum as we head into 2012," said Glenn Murphy, chairman and chief executive officer of Gap Inc. "We're ready to compete aggressively this holiday."
Industry:
The retail-apparel and shoes company's industry is currently enjoying price/earnings growth of 1%.
What to Do Next:
Those are the latest numbers from The Gap, including how the announcement compared to Wall Street estimates. Benzinga consistently provides earnings previews and recaps for major corporate events. Be sure to visit us next quarter for a full The Gap preview.
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- To see up-to-date news on The Gap, click here
- To see other trading ideas, click here
- To see other company earnings recaps, click here
(Estimates Source: Zacks)
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