Gap Inc. Reports Third Quarter Results

Gap Inc. (NYSE: GPS) today reported results for the third quarter of fiscal year 2017. Gap Inc.’s third quarter fiscal year 2017 diluted earnings per share were $0.58. Total company comparable sales for the third quarter of fiscal year 2017 were up 3 percent.

“Today, we are happy to report our fourth consecutive quarter of positive comps, reflecting the continued momentum in key parts of our business,” said Art Peck, president and chief executive officer, Gap Inc.

“We continue to make progress against the balanced growth strategy we outlined in September, driving efficiency at our more mature brands, while growing

Gap Inc.’s comparable sales for the third quarter of fiscal year 2017 were up 3 percent versus a 1 percent decrease last year, which excluded an estimated negative impact from the Fishkill distribution center fire of approximately 2 percentage points. Comparable sales by global brand for the third quarter were as follows:
• Old Navy Global: positive 4 percent versus positive 4 percent last year, excluding an estimated negative impact from the Fishkill distribution center fire of approximately 1 percentage point.
• Gap Global: positive 1 percent versus negative 4 percent last year, excluding an estimated negative impact from the Fishkill distribution center fire of approximately 4 percentage points.
• Banana Republic Global: negative 1 percent versus negative 6 percent last year, excluding an estimated negative impact from the Fishkill distribution center fire of approximately 2 percentage points.

Net sales for the third quarter of fiscal year 2017 were $3.84 billion compared with $3.80 billion for the third quarter of fiscal year 2016. Third quarter net sales details appear in the tables at the end of this press release.
more detail at:  http://www.gapinc.com/content/dam/gapincsite/documents/Press%20Releases/GPS_Q317_EPR._FINAL.pdf

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