Edition:
India

Gap Inc Reports Second Quarter Adjusted Earnings Per Share Of $0.63


Friday, 23 Aug 2019 

Aug 22 (Reuters) - Gap Inc ::. REPORTS SECOND QUARTER RESULTS.REAFFIRMS FY 2019 ADJUSTED EARNINGS PER SHARE VIEW $2.05 TO $2.15.Q2 ADJUSTED EARNINGS PER SHARE $0.63.Q2 EARNINGS PER SHARE $0.44.Q2 EARNINGS PER SHARE ESTIMATE $0.53 -- REFINITIV IBES DATA.SEES FY 2019 EARNINGS PER SHARE $1.88 TO $2.08.Q2 REVENUE $4.0 BILLION VERSUS REFINITIV IBES ESTIMATE OF $4.02 BILLION.CONTINUES TO EXPECT COMPARABLE SALES FOR FISCAL YEAR 2019 TO BE DOWN LOW SINGLE DIGITS.Q2 FISCAL YEAR 2019 COMPARABLE SALES WERE DOWN 4% COMPARED WITH A 2% INCREASE LAST YEAR.CONTINUES TO EXPECT CAPITAL SPENDING TO BE APPROXIMATELY $675 MILLION FOR FISCAL YEAR 2019.CONTINUES TO EXPECT TO CLOSE ABOUT 30 COMPANY-OPERATED STORES, NET OF OPENINGS AND REPOSITIONS IN FISCAL YEAR 2019.QTRLY GAP GLOBAL COMPARABLE SALES WERE NEGATIVE 7% VERSUS NEGATIVE 5% LAST YEAR.QTRLY COMPARABLE SALES FOR OLD NAVY GLOBAL NEGATIVE 5% VERSUS POSITIVE 5% LAST YEAR.ENDED Q2 OF FISCAL YEAR 2019 WITH $2.33 BILLION IN MERCHANDISE INVENTORY, UP ABOUT 6% YEAR OVER YEAR.QTRLY COMPARABLE SALES FOR BANANA REPUBLIC GLOBAL NEGATIVE 3% VERSUS POSITIVE 2% LAST YEAR.GAP - DURING QUARTER, INCREASE IN MERCHANDISE INVENTORY IMPACTED BY INCREASES IN IN-TRANSIT TIMES, ACQUISITION OF JANIE AND JACK, NET STORE GROWTH Y-O-Y.FY EARNINGS PER SHARE VIEW $2.06 -- REFINITIV IBES DATA."HEADING INTO THE SECOND HALF OF THE YEAR, WE REMAIN HIGHLY FOCUSED ON INVENTORY AND EXPENSE DISCIPLINE TO IMPROVE RESULTS"."WE ARE OPERATING IN A CHALLENGING ENVIRONMENT".