Gap reported mixed first quarter results on Thursday and unveiled plans to close dozens of stores worldwide. First quarter earnings per share came in at $0.32, matching Wall Street’s estimates. The company had expected first quarter earnings of $0.31 to $0.32, according to a report on May 9. Revenue of $3.44 billion missed forecasts of $3.51 billion. Comparable store sales, a critical industry metric, fell 5 percent. The company will close 75 stores, including 53 Old Navy locations in Japan. Gap isn’t reaffirming its earnings guidance for the year, saying the consensus estimate of $1.92 per share ‘falls within a reasonable range of potential outcomes.’ Shares of Gap added 1.3 percent in after-hours trading. TheStreet’s Scott Gamm has details from Wall Street.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
