This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gap Inc. Reports October And Third Quarter Sales Results

Stocks in this article: GPS

Gap Inc. (NYSE:GPS) today reported that October 2013 net sales increased 6 percent versus last year, and October 2013 comparable sales increased 4 percent versus a 4 percent increase last year. For the third quarter of fiscal year 2013, Gap Inc.’s net sales increased 3 percent versus last year, and comparable sales increased 1 percent versus a 6 percent increase last year.

Due to the 53 rd week in fiscal year 2012, comparable sales for October 2013 and the third quarter of fiscal year 2013, respectively, are compared to the four-week and 13-week periods ended November 3, 2012.

"All three of our global brands delivered positive comps for October," said Glenn Murphy, chairman and chief executive officer of Gap Inc. "Additionally, we are pleased with our guidance of earnings per share growth over last year."

Net sales for the four-week period ended November 2, 2013 were $1.29 billion compared with net sales of $1.22 billion for the four-week period ended October 27, 2012. In addition, net sales for the third quarter, which ended November 2, 2013, were $3.98 billion compared with $3.86 billion for the third quarter last year.

October Comparable Sales Results

Comparable sales by global brand for October 2013 were as follows:

  • Gap Global: positive 5 percent versus positive 3 percent last year
  • Banana Republic Global: positive 1 percent versus positive 5 percent last year
  • Old Navy Global: positive 2 percent versus positive 5 percent last year

Third Quarter Comparable Sales Results

Comparable sales by global brand for the third quarter of fiscal year 2013 were as follows:

  • Gap Global: positive 1 percent versus positive 4 percent last year
  • Banana Republic Global: negative 1 percent versus positive 5 percent last year
  • Old Navy Global: flat versus positive 9 percent last year

Third Quarter Guidance

For the third quarter of fiscal year 2013, the company expects diluted earnings per share to be in the range of $0.70 to $0.71, compared to diluted earnings per share for the third quarter of fiscal year 2012 of $0.63. The company reaffirms its prior inventory guidance, with inventory dollars per store at the end of the third quarter of fiscal year 2013 expected to be up in the mid-single digits. The company also notes that third quarter merchandise margins are expected to be below last year.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs