Gap October Same-Store Sales Down 1% Due to Fire
November 07 2016 - 5:24PM
Dow Jones News
By Josh Beckerman
Gap Inc., for the second straight month, reported a strong
customer response in October to its Old Navy clothing lines but
weakness at its namesake chain because of a recent warehouse
fire.
In all, the retailer's total same-store sales fell 1% in
October, reflecting a negative effect of about three percentage
points from the August fire at its Fishkill, N.Y., distribution
center.
Gap, which lowered its full-year earnings forecast in August,
said Monday that it expects to report third-quarter earnings
excluding items of 59 cents to 60 cents a share. The company said
third-quarter net sales fell to $3.8 billion from $3.86
billion.
Analysts polled by Thomson Reuters expected earnings of 53 cents
a share on revenue of $3.73 billion.
Gap shares rose 3 cents to $27 in after-hours trading.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
November 07, 2016 17:09 ET (22:09 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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