Gap, Inc. (NYSE:GAP) shares traded higher after the company released its third-quarter earnings report after Thursday's closing bell, beating estimates on the top and bottom lines.
Here's a look at the details in the report.
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The Details: Gap reported quarterly earnings of 62 cents per share, which beat the analyst estimate of 59 cents.
Quarterly revenue came in at $3.94 billion, which beat the analyst consensus estimate of $3.91 billion.
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Gap reported the following segment highlights for the third quarter:
- Old Navy: Third-quarter net sales of $2.3 billion were up 5% compared to last year. Comparable sales were up 6%.
- Gap: Third-quarter net sales of $951 million were up 6% compared to last year. Comparable sales were up 7% achieving positive comparable sales for the 8th consecutive quarter.
- Banana Republic: Third-quarter net sales of $464 million were down 1% compared to last year. Comparable sales were up 4%.
“We are proud to report that Gap Inc.’s third-quarter results exceeded our net sales and margin expectations and delivered the seventh consecutive quarter of positive comparable sales,” said CEO Richard Dickson.
“Our strategy is working and our brands are gaining momentum with our three largest brands — Old Navy, Gap and Banana Republic — each posting strong comparable sales,” Dickson added.
Outlook: Gap raised its fiscal 2025 revenue outlook to a range of $15.36 billion to $15.4 billion, versus the $15.32 billion estimate.
GAP Stock Price: According to data from Benzinga Pro, Gap stock was up 4.81% at $24.17 in Thursday's extended trading.
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