Gap Q3 Earnings Beat Street on Bottom Line, Top Line Miss

The Gap posted a third quarter profit of $0.80 a share on revenue of $3.97 billion. Wall Street analysts were looking for earnings of $0.79 on sales of $4.04 billion.
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The Gap posted a third quarter profit of $0.80 a share on revenue of $3.97 billion. Wall Street analysts were looking for earnings of $0.79 on sales of $4.04 billion. Last year, the retailer earned $0.72 per share on $3.98 billion in sales. As for details, Gap’s comparable sales for the third quarter of fiscal year 2014 were down 2% versus a 1% increase last year. Comparable Q3 sales for Gap Global were down 5% versus positive 1% last year. Banana Republic Global was flat versus negative 1% last year and Old Navy Global comp sales were up 1% versus flat last year. TheStreet's Gregg Greenberg has details from New York.