Gap beats by $0.04, beats on revs; raises FY18 EPS and comp guidance
- Reports Q3 (Oct) earnings of $0.58 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.54; revenues rose 1.1% year/year to $3.84 bln vs the $3.76 bln Capital IQ Consensus.
- Comps +3% versus +1.1% estimates and a 1% decrease last year, which excluded an estimated negative impact from the Fishkill distribution center fire of ~2%.
- Old Navy Global: positive 4% versus positive 4% last year, excluding an estimated negative impact from the Fishkill distribution center fire of ~1%.
- Gap Global: positive 1% versus negative 4% last year, excluding an estimated negative impact from the Fishkill distribution center fire of ~4%.
- Banana Republic Global: negative 1% versus negative 6% last year, excluding an estimated negative impact from the Fishkill distribution center fire of ~2%.
- Co issues upside guidance for FY18, raises EPS to $2.08-2.12 from $2.02-2.10, excluding non-recurring items, vs. $2.06 Capital IQ Consensus. The company now expects comparable sales for fiscal year 2017 to be up low-single-digits (from flat to up slightly previously).
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