GPS reported net sales decreased 2% to $821 million. Comparable sales increased 1% compared to a 4% increase in the same period last year. This beat analysts’ estimates of a 3% decrease.
Standpoint Research analysts upgraded GPS from a “hold” to “buy” rating with a $24 price target. Analysts at Goldman Sachs maintained a “neutral” rating on the stock while cutting their price target to $20.
Net sales increased 6% to $843 million for the month compared to the same period last year. Comparable store sales increased 1%, compared to the 5% increase in January 2010. Nevertheless, this beat expectations of a 3% drop in comparable store sales. For the fourth quarter, net sales increased 3% to $4.36 billion from the same period last year. Comparable store sales were flat compared to a 2% increase in fourth quarter of 2010.
Gap reported net sales of $2.0 billion for the month, which is flat compared to the same period last year. Comparable store sales decreased by 3% compared to the 2% increase in December 2009. This decrease was less than analysts' estimates of a 2.7% increase.
For November, Gap reported a net sales increase of 6.3% to $1.42 billion compared to the same period from last year. Comparable store sales for the month increased 4%, compared to the flat comparable store sales from November 2009. Comparable store sales changes for Gap North America, Banana Republic, Old Navy North America, and international were 5%, flat, 5%, and -1% respectively. Gap attributes this sales growth to positive response to the brands' initial holiday offers.
Gap reported that net earnings decreased 1% to $303 million compared to 2009 Q3. Operating income increased 1% to $504 million. GPS' comparable store sales remained flat with no increase from the previous year while net sales increased 1.6% to $3.65 million. Gross profit declined to $1.5 billion from $1.52 billion. During Q3, the company opened 25 and closed 19 store locations.
For September, Gap's same store sales decreased 2% from August while its net sales increased by 1% to $1.34 billion.
Gap reported net sales of $1.1 billion for the month ended August 28, 2010, which was flat compared to the net sales of $1.1 billion for the month of August 2009. The company’s comparable store sales for August 2010 were also flat compared to a 3% decrease in August 2009. Year to date net sales were $7.77 billion which is an increase of 4% compared with net sales of $7.49 billion of last year.
Gap reported that March 2010 net sales were up 12 percent from last year. Net sales for the five-week period ended April 3, 2010 were $1.45 billion compared with net sales of $1.29 billion for the five-week period ended April 4, 2009. The company’s comparable store sales for March 2010 increased 11 percent.The industry experienced similar sales reports. Retailers issued mostly bullish sales reports for March underscoring the resilience of U.S. consumers in the face of still-high unemployment. Same-store sales at retailers in the U.S. rose 9.1% last month, according to Thomson Reuters
GPS has declared a quarterly dividend of $0.085 per common share. The dividend will be paid on 28 October 2009 to all shareholders of record as of 14 October 2009.
Clothing retailers such as GPS cut their earnings expectations after an especially disappointing Christmas season. Confidence in retail companies has faded as more consumers are cutting back on spending due to the worldwide recession.
Despite sales falling 7%, GPS reported its Q3 profit increased 3% from Q3 last year. The company also announced that they believe their initial earnings forecast is still correct.
GPS reported an 11% decline in total same store sales for the month of September, as Old Navy's same store sales fell 24%.
Gap Inc. reported second quarter net earnings per share of $0.32 while analysts had been expecting EPS of $0.30, as the company limited costs amidst declining sales.
Gap Inc. announced that the company's same store sales declined 11% across all its chains. In North America, the Gap, Old Navy and Banana Republic reported same store sales decreases of 6%, 8%, and 16% respectively, while international same store sales fell 9%.
Gap reported a 2% decline in companywide sales for the month of June, as comparable store sales fell 7% during the same period as shoppers moved away from specialty apparel retailers as the economic outlook in the U.S. remains bleak through summer 2008.
Gap continued to struggle in the month of May, as net sales fell 8% from the same period in 2007. Same store sales decreased 14% companywide, as Old Navy's same store sales fell 25%, Gap same store sales fell 7% and Banana Republic same store sales fell 5%. Analysts had been expecting a 15.9% decrease at Old Navy and a 4.2% decline at Banana Republic.
Gap announced that same store sales for the month of April decreased 6%, compared with a 16% decrease in April 2007 as the retailers struggles continued. However, part of the decrease is likely due to the Easter holiday season falling in March this year, rather than April.
The Gap, Inc. announced that for fiscal 2008, it expects diluted earnings per share (EPS) of $1.20-$1.27. According to Reuters Estimates, analysts on average are expecting the Company to report EPS of $1.10 for the same period.
Despite a difficult overall retail environment, Gap's yoy quarterly earnings grew 26% from last year's at a time when most retailers are reporting far more dismal figures (see [recent earnings], for instance). While quarterly sales growth were just shy of flat at negative 1%, significant cost reductions (lighter, nimbler advertising and better inventory management) led to much healthier margins than last year's. While there was a 5% decrease in comp sales from the previous quarter, it was flat with last year's quarter-to-quarter decrease. Gap concluded by raising its earnings forecast for the year, making it one of the few apparel retailers this quarter to do so.
Strong earnings in the second quarter and the beginning of its overhaul of company leadership put earnings at a steady climb upwards.
Gap moves to expand its international presence, agreeing to export its Gap and Banana Republic brands to Saudi Arabia and Turkey. The franchise agreement expects to see 90 new Gap stores and 20 new Banana Republic stores between 2008 and 2012.
Gap announced that 4Q profit fell 35%, and as a result shares fell nearly 11%
Talks of a possible leveraged buyout began when Gap hired Goldman Sachs,
Gap lowered the FY 2006 EPS estimate to $1.01 to $1.06 from $1.08 to $1.12, and as a result the stock