Gap Inc. Meets Third-quarter Earnings Estimates, Lowers Full-year Guidance

Gap Inc. [s:] said it had net income of $248 million, or 61 cents per share, in its fiscal third quarter, down from $351 million, or 80 cents per share, for the same period last year. Adjusted earnings were 63 cents per share matching FactSet consensus. Sales totaled $3.86 billion for the quarter, down from $3.97 billion for the same period last year. The FactSet consensus was $3.86 billion. Same-store sales for the quarter were down 2%, also matching FactSet consensus. Same-store sales dropped 4% at Gap stores. Banana Republic experienced a 12% same-store sales decrease. And Old Navy's same-store sales increased 4% for the quarter compared with a 1% increase last year. The company lowered full-year earnings per share guidance to between $2.38 and $2.42 from $2.75 to $2.80. Shares of Gap are up 2% in after hours trading.