The Gap, Inc. GPS released its 2013 third quarter earnings on Thursday after the market closed.
Important Financials in the Press Release:
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- Net sales were up 3% in the third quarter, or 5% on a constant currency basis, to $3.98 billion.
- Comparable sales were up 1% in Q3 versus a 6% increase last year due to last year's 53rd week.
- FY EPS guidance range was confirmed between $2.57-2.65.
- Operating margin increased 100 basis points to 14.5%.
- Q3 operating expenses were $1 billion, down $60 million compared with 3Q12.
- Gap Inc reported $966 million in cash and cash equivalents.
- Year-to-date fiscal capital expenditures were $487 million.
- Online sales increased 20% in Q3 compared with last year.
- Gap expanded their store base in China to a total of 73 stores. Gap opened 18 additional stores in the third quarter.
- The company announced that they will open their first franchise-operated Old Navy store the Philippines next year.
- Gap opened an additional 15 Athleta stores this quarter for a total of 61 stores.
- The company grew its Franchise business with the addition of Brazil, Costa Rica, Hungary, and Peru markets. Gap Inc. now has over 350 stores in 40 global markets.
- Gap Global comparable sales results this quarter was +1% versus last year's +4%.
- Banana Republic Global comparable sales results this quarter was -1% versus last year's +5%.
- Old Navy Global comparable sales results this quarter was 0% versus last year's +9%.
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