News

Gap matches Street 1Q forecasts

SAN FRANCISCO, Costa Rica – SAN FRANCISCO (AP) _ Gap Inc. (GPS) on Thursday reported fiscal first-quarter net income of $127 million.

On a per-share basis, the San Francisco-based company said it had net income of 32 cents.

The results met Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was also for earnings of 32 cents per share.

The clothing chain posted revenue of $3.44 billion in the period, also matching Street forecasts.

Gap shares have dropped 30 per cent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. In the final minutes of trading on Thursday, shares hit $17.28, a drop of 55 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GPS at http://www.zacks.com/ap/GPS

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Keywords: Gap, Earnings Report, Priority Earnings