Gap Profit In Line With Estimates; Reaffirms FY Guidance

(RTTNews) - Apparel retailer Gap Inc (GPS) on Thursday reported second-quarter net earnings of $219 million or $0.52 per share compared with $332 million or $0.75 per share last year.

Results were mainly hurt by foreign currency fluctuations, West Coast port delays, and the strategic actions, the company said.

Excluding costs related to stratetic actions, Gap reported adjusted earnings of $0.64 per share for the quarter.

Analysts polled by Thomson Reuters estimated earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.

As previously reported, the company's revenues for the quarter were down 2 percent at $3.90 billion compared with $3.98 billion in the prior year.

Analysts estimated revenues of $3.97 billion for the quarter.

Gap's comparable sales for the quarter were down 2 percent versus flat last year.

For the full year 2015, the company still expects adjusted earnings of $2.75 to $2.80 per share, while analysts expect $2.73 per share.