Gap Inc. Reports First Quarter Results

Gap Inc. (NYSE: GPS) today reported first quarter fiscal year 2018 diluted earnings per share of $0.42 compared with diluted earnings per share of $0.36 in the first quarter of fiscal year 2017. The company also affirmed its full-year diluted earnings per share guidance to be in the range of $2.55 to $2.70.

“We are pleased to have delivered our sixth consecutive quarter of positive comp growth, despite the expected challenges at Gap brand,” said Art Peck, president and chief executive officer, Gap Inc. “Our balanced growth strategy provides the right foundation to differentiate our portfolio of brands in this retail environment, with strategic investments in value, active and digital fueled by productivity opportunities unique to our scaled operating platform.”

“Despite the pressures we faced in the first quarter, we are affirming our full-year guidance, reflecting our confidence in the underlying fundamentals of the business as well as the benefits of executing against our balanced growth strategy,” said Teri List-Stoll, executive vice president and chief financial officer, Gap Inc.

First Quarter 2018 Comparable Sales Results
Due to the 53rd week in fiscal 2017, comparable sales for the first quarter of fiscal year 2018 are compared with the 13-week period ended May 6, 2017. On this basis, the company’s first quarter comparable sales increased 1% compared with a 2% increase last year. Comparable sales by global brand for the first quarter were as follows: • Old Navy Global: positive 3% versus positive 8% last year • Gap Global: negative 4% versus negative 4% last year • Banana Republic Global: positive 3% versus negative 4% last year

For the first quarter ended May 5, 2018:
• Net sales were $3.8 billion, an increase of 10% compared with last year. Excluding the impact from the adoption of the new revenue recognition standard, net sales increased 6% compared with last year. * The translation of foreign currencies into U.S. dollars positively impacted the company’s net sales for the first quarter of fiscal year 2018 by about $40 million. First quarter net sales details appear in the tables at the end of this press release.
• Gross profit was $1.43 billion, an increase of 10% compared with last year. Excluding the impact from the adoption of the new revenue recognition standard, gross profit increased about 3% compared with last year.
more detail at: http://www.gapinc.com/content/dam/gapincsite/documents/Press%20Releases/GPS_Q118_EPR.pdf

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