Gap Reports Higher Q3 Profit; Raises Full-Year Guidance
Shares of apparel retailer The Gap (NYSE: GPS) are higher in Thursday's after-hours trading session after the company released its fiscal third-quarter earnings results after the closing bell. The stock added around three percent to trade near $34.31.
The company reported net income of $308 million or $0.63 per share, versus $193 million or $0.38 per share, in the year ago period. This was in-line with analysts' consensus EPS estimates of $0.63.
Net sales in the period were up eight percent to $3.86 billion versus $3.59 billion last year. This beat analysts' consensus revenue estimates of $3.82 billion.
The Gap also raised its fiscal 2012 earnings guidance to $2.20 to $2.25 per share versus its previous guidance of $1.95 to $2.00 per share. Currently, analysts expect the company to earn $2.27 per share for fiscal 2012.
The company also raised its margin guidance for fiscal 2012 to 12 percent versus its previous estimate of around 11 percent.
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