Gap Inc. shares fell late Thursday after the retailer reported fiscal second-quarter results largely in line with expectations but forecast fiscal 2016 results below analyst targets. Gap said it earned $125 million, or 31 cents a share, in the quarter, compared with $219 million, or 52 cents a share, in the year-ago period. Adjusted for one-time items, Gap earned 60 cents a share in the quarter, compared with 64 cents a share a year ago. Sales reached $3.85 billion in the quarter, down slightly from $3.90 billion a year ago. Analysts polled by FactSet had expected the retailer to report adjusted earnings of 59 cents a share on revenue of $3.85 billion. Comparable-store sales fell 2% in the quarter, flat in relation to last year’s second quarter and compared with expectations of a 2.2% decline, according to the analysts surveyed by FactSet. Gap said it expects per-share adjusted earnings in the range of $1.87 to $1.92 for fiscal 2016; the FactSet analysts expect earnings of $1.95 a share for the year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News