Gap Cites Challenging Environment as Sales, Profit Fall

Date : 08/22/2019 @ 10:02PM
Source : Dow Jones News
Stock : Gap Inc (GPS)
Quote : 18.21  0.0 (0.00%) @ 1:00PM

Gap Cites Challenging Environment as Sales, Profit Fall

Cooper Standard (NYSE:CPS)
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   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 micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

August 22, 2019 16:47 ET (20:47 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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