Gap Inc. shares rose 1% in late-Thursday trading after the retailer reported fourth-quarter earnings and sales that beat expectations. Gap Inc., whose brands include the namesake chain of stores, Banana Republic and Old Navy, reported net income of $220.0 million, or 55 cents per share, up from $214.0 million, or 53 cents per share, last year. Adjusted EPS was 51 cents, beating the 50-cent FactSet consensus. Sales totaled $4.43 billion, up from $4.39 billion and ahead of the $4.41 billion FactSet consensus. Same-store sales were up 2%, with Old Navy reporting a 1% same-store sales increase, and Gap and Banana Republic reporting same-store sales declines of 3% and 7% respectively. The company sees fiscal 2017 EPS in the range of $1.95 to $2.05. Same-store sales are expected to be flat or up slightly. Gap shares are down 12.1% for the past year while the S&P 500 index is up 23% for the same period.
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