Gap Meets Estimates Amid Weak Sales

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Gap

(GPS) - Get Report

reported third-quarter earnings that met analysts' expectations but were down 41% from the year-ago period amid weak same-store sales in its

Gap

,

Banana Republic

and

Old Navy

chains.

The clothing retailer earned $186 million, or 21 cents a share, down from $315 million, or 35 cents a share, in last year's third quarter. A

First Call/Thomson Financial

poll of 26 analysts produced a consensus estimate of 21 cents a share.

Third-quarter net sales grew 12% to $3.41 billion compared with $3.05 billion in 1999.

The company's third-quarter same-store sales fell 8% compared with a 5% increase in the year-ago period. Its Gap domestic and Gap International brands had negative low-single-digit same-store sales growth during the quarter. Sales growth was also negative for Banana Republic. Old Navy's negative sales growth was in the high-teens.