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Gap Inc (NYSE:GAP) shares are rising after reporting a third-quarter earnings and sales beat.
Adjusted earnings came in at 53 cents per share, beating estimates by 2 cents. Sales came in at $3.998 billion, beating estimates by $38 million. The company also reaffirmed 2019 guidance.
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"We are not pleased with the third quarter results and are focused on aggressively addressing the operational issues that are hindering the performance of our brands," said Robert J. Fisher, Gap's interim president and CEO. "We continue to make progress against our separation plans, which will provide improved focus and a further catalyst for transformation."
Highlights
- Old Navy comps -4% versus +4% last year
- Gap comps -7% versus -7% last year
- Banana Republic comps -3% versus +2% last year
- Net sales decreased 2% year-over-year
Gap's stock closed Thursday's session at $16.22 per share and ticked higher in after-hours trading.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.