Gap Inc (NYSE:GPS) reported for its latest quarter after hours today, missing earnings expectations and posting weak Old Navy sales, sending the company’s stock on the decline.
The retailer unveiled net income of $164 million for its first quarter of fiscal 2018, amounting to 42 cents per share. In the year-ago period, the company posted net income of $143 million, or 36 cents per share.
On an adjusted basis, Gap reported earnings of 42 cents per share, which was 4 cents below the 38 cents per share that Wall Street was calling for, according to data compiled by Thomson Reuters. The company’s revenue tallied up to $3.8 billion, ahead of the $3.4 billion it brought in during the year-ago period.
The figure was also better than the $3.6 billion that Wall Street was calling for in its consensus estimate, according to data compiled by Thomson Reuters. Gap’s overall same-store sales, which monitors retailers, grew by about 1% compared to the year-ago period, below the 1.7% increase that analysts were projecting, according to data compiled by Thomson Reuters.
The company’s same-store sales at Gap stores fell about 4% around the globe compared to the year-ago quarter, while Banana Republic’s same-store sales gained 3%, compared to a 4% loss in the year-ago period. Old Navy’s same-store sales only grew 3% year-over-year, below the 8% growth from the year-ago quarter.
GPS stock was down more than 7.2% after the bell Thursday on the company’s meek quarterly earnings results.
