Gap Inc. Third Quarter Financial Results – Sales and Net Income Results
Report Date: November 21, 2013
Ticker Symbol: GPS – NYSE
Company Name: Gap Inc.
Reporting period: Q3-2013
GAP INC. Q3 2013 FINANCIAL REPORTING HIGHLIGHTS
- Diluted EPS increased by 14%, from $0.63 last year to $0.72
- Net Sales increased by 3% and came in at $3.98B as opposed to the $3.86B reported in the same period last year
- Comparable sales increased by 1% as opposed to the 6% increase recorded last year. On a brand-wise basis, Gap Global saw 1% growth this quarter (versus +4% last year), with Banana Republic registering a -1% rate (+5%) and Old Navy Global growth remaining flat (+9%)
- Operating Margins came in at 14.5%, an increase of 100 basis points
- Online Sales recorded a 20% increase over Q3 of last year
The company reported positive sales growth for the 7th consecutive quarter. Company management reaffirmed guidance of full-year 2013 diluted EPS in the range of $2.57-$2.65.
The company opened 18 new stores in China, taking the total number of Gap stores there to 73, and is reported to be on track with its strategy to open 15 to 20 new Old Navy stores per year in Japan.