The Gap Earns 48 Cents Per Share, In Line With Estimates (GPS)

The Gap, Inc. GPS announced after the market closed on Thursday that were in line with consensus Wall Street earnings estimates. The Gap, Inc reported that its 3rd quarter net income fell to $303 million, or 48 cents per share, down from $307 million, or 44 cents per share, a year earlier. The company's revenue rose to $3.65 billion, up from $3.59 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 48 cents per share, on revenue of $3.62 billion. Chairman and chief executive officer Glenn Murphy said, “We improved the top line and grew our earnings per share this quarter while keeping a clear focus on North America and making strategic global investments, including new market entries in China and Italy. Looking ahead, our brands and employees are determined to deliver for our customers this holiday through strong marketing and great product.” The company forecast 2010 earnings guidance in the range of $1.77 to $1.82 per share. The Gap, Inc. (GPS) closed Thursday trading at $20.91 per share. Analysts covering the company's stock give it a consensus price target of $29 per share. Read more from Benzinga's Company news.