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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.