Gap fends off retail apocalypse, climbs on earnings beat (GPS)

pulse

May 18, 2017 9:57 PM

Gap Inc.'s stock climbed in after-market trading after the company reported first-quarter profit that beat analyst forecasts.

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Gap Inc.'s stock climbed 6% to $24.57 a share after the company reported first-quarter profit that beat analyst forecasts.

The adjusted gain for the period was $0.36 per share, exceeding consensus estimates of $0.29 per share. The clothing retailer also reported quarterly revenue of $3.44 billion, beating an analyst forecast of $3.39 billion. Further, same-store sales climbed 2%, while estimates called for a 0.2% contraction.

battling dwindling inventory publicly battles shutting stores piled on

A boost to Gap's stock will be welcome news for shareholders that have suffered through a 13% drop over the past week. The stock has slipped 24% since reaching an almost 14-month high on November 17.

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