Q2FY17 sales just above 1% at apparel marketer Gap

23 Aug '16

2 min read

Net sales for the three months ended July 30, 2016 at apparel marketer Gap Inc rose just a shade above one percent at $3.85 billion, compared with $3.90 billion for the second quarter of fiscal 2016.

Comparable sales for the second quarter of fiscal 2017 were down 2 per cent, the same decline as in the prior fiscal's same quarter.

For the reporting quarter, diluted earnings per share were $0.31 on a reported basis, while adjusted diluted earnings per share, a non-GAAP financial measure, were $0.60 for the second quarter of fiscal 2017.

“CEO Art Peck said, “While I remain unsatisfied with the pace of improvement across the business, I am encouraged by the underlying signs of progress in the quarter, as demonstrated by healthier merchandise margins.”

Gap updated its reported diluted earnings per share guidance for full fiscal 2017 to be in the range of $1.37 to $1.47.

Excluding the negative impact of restructuring costs, which is expected to be approximately $0.45 to $0.50, the company expects its adjusted diluted earnings per share to be in the range of $1.87 to $1.92. (AR)

Fibre2Fashion News Desk – India

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