Gap Q1 Results Beat Wall Street Estimates

Clothing retailer

released its fiscal first-quarter earnings results on Thursday after the closing bell. The company reported earnings and revenue which came in ahead of Wall Street consensus expectations and reaffirmed its full-year guidance. In late trading, the stock was last down a little less than 1 percent and was close to unchanged on the day. Gap reported net income of $333 million or $0.71 per share, compared to $233 million or $0.47 per share, in last year's corresponding quarter. This came in above analysts' consensus EPS estimates of $0.69. Sales in the period were up 7 percent to $3.73 billion from $3.49 billion last year. Same-store sales, a key retail metric, rose 2 percent in the quarter. The company's revenue results topped analysts' estimates of $3.68 billion. For the full-year, the retailer reiterated its EPS guidance of $2.52 to $2.60 per share. This is below current Wall Street consensus of $2.73 per share.