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Gap tops Street 3Q forecasts

SAN FRANCISCO, Costa Rica – SAN FRANCISCO (AP) _ Gap Inc. (GPS) on Thursday reported fiscal third-quarter net income of $204 million.

On a per-share basis, the San Francisco-based company said it had net income of 51 cents. Earnings, adjusted for restructuring costs, came to 60 cents per share.

The results surpassed Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.

The clothing chain posted revenue of $3.8 billion in the period, which also topped Street forecasts. Eleven analysts surveyed by Zacks expected $3.77 billion.

Gap expects full-year earnings in the range of $1.87 to $1.92 per share.

Gap shares have climbed 24 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen 7 per cent. In the final minutes of trading on Thursday, shares hit $30.71, a climb of 23 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 https://www.zacks.com/ap/GPS

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Keywords: Gap, Earnings Report, Priority Earnings