“India is an emerging, vibrant market and an important next step in our global expansion strategy,” said Steve Sunnucks, Global President of Gap.
The company also raised its full-year profit forecast from $2.90-$2.95 a share to $2.95-$3.00 a share. The consensus estimate is $2.95 a share.
Gap is also looking to expand in the rest of Asia, which only makes up 9% of the company’s global sales. The company said it expects sales in China to triple to $1 billion over the next three years.
GPS stock is up 4.4% Thursday afternoon.
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