Gap Inc. Reports Second Quarter Results

Gap Inc. (NYSE: GPS) today reported results for the second quarter of fiscal year 2017. On a reported basis, Gap Inc.’s second quarter fiscal year 2017 diluted earnings per share were $0.68. On an adjusted basis, the company’s second quarter fiscal year 2017 diluted earnings per share were $0.58, excluding a $0.10 benefit from insurance proceeds related to the fire that occurred on the company’s Fishkill distribution center campus in fiscal year 2016 (the “Fishkill fire”).

“With a third consecutive quarter of comp sales growth, we are seeing our investments in product, customer experience, and brand equity begin to pay off,” said Art Peck, president and chief executive officer, Gap Inc. “Based on the strength of the first half, we are pleased to increase our full year earnings guidance.”

Peck continued, “As we continue to focus on long-term growth, we are accelerating our strategies that put the customer at the center of everything we do – including a focus on product categories where we have clear differentiation, continued investment in our online and mobile offerings, and taking advantage of our operating scale to drive speed to market, responsiveness to customer demands and efficiency.”

Second Quarter 2017 Comparable Sales Results
Gap Inc.’s comparable sales for the second quarter of fiscal year 2017 were up 1 percent versus a 2 percent decrease last year. Comparable sales by global brand for the second quarter were as follows:
• Old Navy Global: positive 5 percent versus flat last year
• Gap Global: negative 1 percent versus negative 3 percent last year
• Banana Republic Global: negative 5 percent versus negative 9 percent last year

Net sales for the second quarter of fiscal year 2017 were $3.80 billion compared with $3.85 billion for the second quarter of fiscal year 2016. The translation of foreign currencies into U.S. dollars negatively impacted the company’s net sales for the second quarter of fiscal year 2017 by about $37 million.1 Second 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_Q217_EPR_FINAL.pdf

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