Gap Reports Q3 Sales Beat, Comps Fall Across The Board

Gap Inc 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.

"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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