Gap: Fiscal 4Q Earnings Snapshot
SAN FRANCISCO (AP) _ Gap Inc. (GPS) on Thursday reported a fiscal fourth-quarter loss of $184 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the San Francisco-based company said it had a loss of 49 cents. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 58 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The clothing chain posted revenue of $4.67 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $4.52 billion.
Gap expects full-year earnings in the range of $1.80 to $1.92 per share.
Gap shares have fallen 43% since the beginning of the year, while the Standard & Poor’s 500 index has declined 23%. In the final minutes of trading on Thursday, shares hit $10.07, a fall of 61% in the last 12 months.