Cooper Standard (NYSE:CPS)
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1 Month : From Aug 2019 to Sep 2019
By Micah Maidenberg
Gap Inc. (CPS) said sales and profit slipped in its latest quarter, as demand fell across its portfolio of stores.
The retailer on Thursday reported second-quarter sales of $4 billion, down 2% compared with a year earlier and slightly less than Wall Street targets.
Comparable sales fell 4%, marking the third consecutive period that measurement has weakened. Comparable sales dropped 7% at Gap, 5% at Old Navy and 3% at Banana Republic in the quarter, which ended Aug. 3.
The company defines comparable sales as those from company-owned stores open for at least a year that haven't had major changes to selling areas, as well as online transactions.
Gap Chief Executive Art Peck said the company is operating in a challenging environment. He said Gap is focused on improving inventories and showing expense discipline to improve results.
The San Francisco-based company reported a profit of $168 million, or 44 cents a share, compared with $297 million, or 76 cents a share, a year earlier.
Its profit, after adjustments, of 63 cents a share, surpassed the consensus estimate among analysts by 10 cents.
Gap is planning to separate its Old Navy business into a separate company.
The company also said Thursday it expects to earn a profit of $1.88 to $2.08 a share in its current fiscal year, down from a previous estimate of $2.04 to $2.14 a share.
Write to Micah Maidenberg at firstname.lastname@example.org
(END) Dow Jones Newswires
August 22, 2019 16:47 ET (20:47 GMT)
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