Gap Inc. Reports Fourth Quarter and Fiscal Year 2017 Results

• Delivers Fifth Consecutive Quarter of Positive Comparable Sales Growth, with Positive Five Percent.
• Delivers Fiscal Year 2017 Gross Margin Expansion of 200 Basis Points.
• Distributed $676 Million in Fiscal Year 2017 to Shareholders Through Share Repurchases and Dividends.

Gap Inc. (NYSE: GPS) today reported fourth quarter and fiscal year 2017 results and provided guidance for fiscal year 2018.

“Our strong positive comp and margin expansion during the critical holiday quarter affirms our balanced growth strategy,” said Art Peck, president and chief executive officer, Gap Inc. “Our outlook for 2018 demonstrates confidence in our strategy and a meaningful step up in earnings capacity for the company.”

“We are positioning the company for long term growth,” said Teri List-Stoll, executive vice president and chief financial officer, Gap Inc. “In addition to leveraging productivity initiatives to fund investments in the business, recent tax reform changes provide a meaningful increase in future earnings.”

On a reported basis, the company’s diluted earnings per share were $0.52 for the fourth quarter of fiscal year 2017 and $2.14 for fiscal year 2017, which includes $34 million of provisional net tax impacts related to tax reform as a result of the enactment of the U.S. Tax Cuts and Jobs Act of 2017 (“TCJA”).

Excluding the net provisional impacts related to tax reform and the second quarter benefit from insurance proceeds related to the Fishkill fire of $64 million, the company’s adjusted diluted earnings per share were $0.61 for the fourth quarter of fiscal year 2017 and $2.13 for fiscal year 2017, inclusive of the 53rd week, compared with fourth quarter and fiscal year 2016 adjusted diluted earnings per share of $0.51 and $2.02, respectively.

The company’s fourth quarter fiscal year 2017 comparable sales were up 5 percent compared with an increase of 2 percent last year. Comparable sales by global brand for the fourth quarter of fiscal year 2017 were as follows:
• Old Navy Global: positive 9 percent versus positive 5 percent last year
• Gap Global: flat versus flat last year
• Banana Republic Global: positive 1 percent versus negative 3 percent last year

For fiscal year 2017, the company’s comparable sales were up 3 percent compared with a decline of 2 percent last year. Comparable sales by global brand for fiscal year 2017 were as follows:
• Old Navy Global: positive 6 percent versus positive 1 percent last year
• Gap Global: negative 1 percent versus negative 3 percent last year
• Banana Republic Global: negative 2 percent versus negative 7 percent last year
more detail at:  http://www.gapinc.com/content/dam/gapincsite/documents/Press%20Releases/GPS_Q417_EPR_vFinal3.pdf

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