Gap’s sales increased 9% to $4.8 billion in the quarter with US contributing 80% to sales, helped by strong holiday sales and improved margins. On a per share basis, adjusted earnings came in at $0.63, up 23.5% compared to the prior year period. Same-store sales growth was 5% for the quarter and 3% for the fiscal year 2017.
The retailer reported GAAP earnings of $0.52 per share compared to $0.55 in the fourth quarter of 2016. Reduction in earnings was mainly due to $34 million impact relating to recent income tax reforms. Gap paid $0.23 per share as dividend to shareholders in the quarter.
Fiscal 2018 Outlook
The company forecasts its reported EPS to be between $2.55 and $2.70. Same-store sales is expected to be flat to up for the year. On the capex front, Gap intends to spend $800 million to bolster its physical and digital experience to users. On the store front, 25 stores are expected to be opened by the company in fiscal 2018.
Most Popular
Everything you need to know about Broadcom’s Q2 2023 earnings report
Broadcom, Inc. (NASDAQ: AVGO) on Thursday said its second-quarter 2023 earnings and revenues increased year-over-year. The chipmaker also provided guidance for the third quarter. Earnings, excluding non-recurring items, came in
HP’s (HPQ) near-term prospects look bleak as PC slump continues
Weak consumer spending and economic uncertainties are the new challenges facing the PC market which is struggling to recover from a long-drawn slowdown. HP, Inc. (NYSE: HPQ) reported a sharp
Hormel Foods (HRL): Key takeaways from the Q2 2023 earnings report
Shares of Hormel Foods Corporation (NYSE: HRL) were up over 4% on Thursday, following the company’s announcement of its second quarter 2023 earnings results. Sales fell short of estimates while