Gap Reports Higher Q3 Profit; Raises Full-Year Guidance

Shares of apparel retailer The Gap

are higher in Thursday's after-hours trading session after the company released its fiscal third-quarter earnings results after the closing bell. At last check, the stock had added around 3 percent and was trading at $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 8 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.