March 12, 2020 / 9:06 PM / a month ago

BRIEF-Gap Posts Quarterly Loss Per Share Of $0.49

March 12 (Reuters) - Gap Inc:

* Q4 LOSS PER SHARE $0.49

* Q4 EARNINGS PER SHARE ESTIMATE $0.41 — REFINITIV IBES DATA

* SEES FY 2020 ADJUSTED EARNINGS PER SHARE $1.80 TO $1.92 EXCLUDING ITEMS

* Q4 ADJUSTED EARNINGS PER SHARE $0.58

* Q4 SALES $4.7 BILLION VERSUS REFINITIV IBES ESTIMATE OF $4.55 BILLION

* SEES Q1 EARNINGS PER SHARE $0.10

* KATRINA O’CONNELL TO BECOME CHIEF FINANCIAL OFFICER, SUCCEEDING TERI LIST-STOLL

* INCLUDED IN Q4 REPORTED RESULTS WAS AN IMPAIRMENT CHARGE OF $296 MILLION RELATED TO STORE ASSETS AND OPERATING LEASE ASSETS OF FLAGSHIP STORES

* LIST-STOLL WILL REMAIN WITH GAP INC. FOR SEVERAL MONTHS TO ENSURE TRANSITION

* Q4 SEPARATION-RELATED CHARGES WERE $189 MILLION

* NANCY GREEN WILL STEP UP TO LEAD OLD NAVY BRAND

* MARK BREITBARD WILL LEAD COMPANY’S SPECIALTY BRANDS, AS WELL AS ASIA BUSINESS AND FRANCHISE

* Q4 FISCAL YEAR 2019 COMPARABLE SALES WERE DOWN 1% COMPARED WITH NEGATIVE 1% LAST YEAR

* NANCY GREEN TO LEAD OLD NAVY BRAND WHILE BOARD, MANAGEMENT UNDERGO INTERNAL AND EXTERNAL SEARCH FOR NEXT PRESIDENT AND CEO

* DUE TO EVOLVING CORONAVIRUS SITUATION, CO FACING PERIOD OF UNCERTAINTY REGARDING POTENTIAL IMPACT ON BOTH SUPPLY CHAIN AND CUSTOMER DEMAND

* FOR FISCAL 2020, CO EXPECTS ITS REPORTED DILUTED EARNINGS PER SHARE FOR FISCAL YEAR 2020 TO BE IN THE RANGE OF $1.23 TO $1.35

* QTRLY GAP GLOBAL COMPARABLE SALES NEGATIVE 5% VERSUS NEGATIVE 5% LAST YEAR

* QTRLY COMP SALES FOR OLD NAVY GLOBAL FLAT VERSUS FLAT LAST YEAR

* 2020 GUIDANCE LARGELY DOES NOT INCORPORATE ANY ESTIMATED IMPACT FROM THE CORONAVIRUS OUTBREAK

* QTRLY COMP SALES BANANA REPUBLIC GLOBAL FLAT VERSUS NEGATIVE 1% LAST YEAR

* EXPECTS TO CLOSE ABOUT 90 COMPANY-OPERATED STORES, NET OF OPENINGS AND REPOSITIONS IN FISCAL YEAR 2020

* GAP - EXPECTS BOTH COMP SALES,NET SALES FOR FISCAL YEAR 2020 TO BE DOWN LOW-SINGLE DIGITS, AS WE CONTINUE GAP SPECIALTY FLEET RESTRUCTURING EFFORTS

* GAP -2020 GUIDANCE LARGELY DOESN’T INCLUDE ESTIMATED IMPACT FROM COVID-19, EXCEPT ABOUT $100 MILLION IN SALES OR $0.10 EPS FOR Q1 IMPACT IN ASIA, EUROPE

* IN LIGHT OF CURRENT ECONOMIC UNCERTAINTY DUE TO CORONAVIRUS OUTBREAK, IT CURRENTLY INTENDS TO SUSPEND SHARE REPURCHASES IN FISCAL YEAR 2020

* GAP -IT IS NOT CURRENTLY POSSIBLE TO PROVIDE A REASONABLE ESTIMATE OF FURTHER IMPACT FROM THE EVOLVING OUTBREAK Source text for Eikon: Further company coverage:

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