Pedestrians walk past Old Navy and GAP stores in Times Square, New York City.
Drew Angerer | Getty Images
Gap reported mixed results on Thursday and underwhelming current-quarter guidance as the longtime mall retailer warned of an “uncertain consumer” and posted another quarter of declining sales across all four of its brands.
The company is projecting net sales to decrease in the low double-digit range for the fiscal third quarter compared to last year’s net sales of $4.04 billion. Analysts had expected third-quarter sales to be down 6.8%, according to estimates compiled by Refinitiv.
For the three-month period that ended July 29, Gap beat Wall Street’s estimates on the bottom line but fell short on the top.
Here’s how the apparel retailer did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
Earnings per share: 34 cents, adjusted, vs. 9 cents expected
Revenue: $3.55 billion vs. $3.57 billion expected
The company’s…
2023-08-24 17:36:41
Post from www.cnbc.com
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