Gap surpasses Street 4Q forecasts on rising Old Navy sales
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Gap Inc. reported stronger-than-expected fourth-quarter results on Thursday as sales continued to improve for Old Navy, its largest brand.
Gap reported net income of USD319 million, or 75 cents per share, on USD4.71 billion in revenue. A year earlier the retailer earned USD307 million, or 68 cents per share, on USD4.58 billion in revenue.
The company said sales at Old Navy stores open at least a year grew 5 percent for the year, including growth of 11 percent in the fourth quarter. Sales at locations open at least a year are considered important measurements of retailer health because they strip out results from stores that recently opened or closed.
Questions & Answers
Q.What was Gap Inc.'s net income and revenue for the fourth quarter?
What was Gap Inc.'s net income and revenue for the fourth quarter?
Gap Inc. Reported a net income of USD319 million for the fourth quarter. The company's revenue for the same period stood at USD4.71 billion.
Q.Why are sales at locations open at least a year considered important for retailers?
Why are sales at locations open at least a year considered important for retailers?
Sales at locations open at least a year are important because they are key indicators of a retailer's health. They exclude the impact of results from stores that have recently opened or closed.
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