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Gap misses 3Q net income and revenue expectations

SAN FRANCISCO, Costa Rica – SAN FRANCISCO (AP) _ Gap Inc. (GPS) on Thursday reported fiscal third-quarter earnings of $351 million.

The San Francisco-based company said it had profit of 80 cents per share. Earnings, adjusted for pretax gains, came to 74 cents per share.

The results missed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.

The clothing chain posted revenue of $3.97 billion in the period, which also fell short of Street forecasts. Analysts expected $4.01 billion, according to Zacks.

Gap expects full-year earnings to be $2.73 to $2.78 per share.

Gap shares have climbed roughly 3 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 11 per cent. In the final minutes of trading on Thursday, shares hit $40.15, a decline of almost 3 per cent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. GPS stock research report from Zacks.

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Keywords:Gap,Earnings Report,Priority Earnings