Gap (GPS) Misses Q1 Earnings Estimates, Comps Up 1%

Gap (GPS - Free Report) just released its first-quarter financial results, posting adjusted earnings of $0.42 per share and revenues of $3.78 billion.

Gap is currently a Zacks Rank #4 (Sell), which is subject to change based on today’s results. Shares of Gap are up 44% over the last year and have climbed 6.9% in the last four weeks. The company’s stock also popped 3.10% on Thursday to hit $32.97 per share prior to the release of its quarterly earnings results.

Gap stock is currently down 7.59% to $30.45 per share in after-hours trading shortly after its earnings report was released.

GPS:

Missed earnings estimates. The company posted adjusted earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.45 per share.   

Beat revenue estimates. The company saw revenue figures of $3.78 billion, topping our consensus estimate of $3.61 billion.

Gap saw its quarterly revenues climb by roughly 6% from $3.44 billion in the year-ago period. Meanwhile, the company’s comparable store sales climbed just 1%. Diving deeper, Old Navy Global comps popped 3%, while Gap brand same-store sales sank 4%.

Looking ahead, Gap affirmed its full-year earnings guidance to come in between $2.55 and $2.70 per share. The company also continues to expect comp sales to come in flat to up slightly.

Here’s a graph that looks at GPS’ Price, Consensus and EPS Surprise history:

The Gap, Inc. Price, Consensus and EPS Surprise

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Disclosure: Zacks.com contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific ...

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