US: Gap lifts outlook as Q3 profit surges 60%
- Q3 profit jumped 60% to $308m
- Net sales rose 8% to $3.86bn
- Comparable sales increased 6%
Specialty clothing retailer Gap Inc has raised its full-year earnings guidance after third-quarter profit surged 60% thanks to higher sales of new and revamped product lines.
The San Francisco-based business said the results underscore its continued progress on key business strategies.
"We're very pleased with our strong third quarter financial performance, highlighted by how well customers have responded to our product," said Glenn Murphy, chairman and CEO.
"We are ready to compete and win this holiday season as we drive to build upon our top line growth."
Net income in the three months to 27 October jumped to $308m or $0.63 per share, up from last year's $193m or $0.38 per share.
Net sales rose 8% to $3.86bn, up from $3.59bn a year earlier.
Comparable sales increased 6%, with gains across the company's North American businesses. A rise of 7% was seen at Gap, Banana Republic was up 6%, and Old Navy surged 9%. But international comps fell 3%.
Given its progress in the year so far, the retailer raised its full-year earnings forecast to between $2.20 and $2.25 per share - which compares with $1.56 per share the year before.
The Gap Inc offers casual, mid-tier clothing to Mexican consumers through department stores and recently in 2012 by opening its first flagship Gap store in the country....
This report analyzes the worldwide market for Denim Jeans in US$ Million and Million Units....
Gap Inc has said that net sales increased 7% over the first quarter, with growth driven by Gap and Old Navy. ...
This report analyzes the worldwide markets for Sports and Fitness Clothing in US$ Million by the following Product Segments: Sports Apparel, and Fitness Clothing. The report provides separate comprehe...
Reports filed by companies including Gap Inc, Gymboree Corp, Nike Inc, H&M and Wal-Mart Stores to comply with a Washington State law are said to have shown "chemicals of high concern" in products made...
- MYANMAR SNAPSHOT: Textile and apparel industry
- Clothing seen as central focus for new Tesco CEO
- Alliance members buy more products from Bangladesh
- Indian apparel exporters discuss policy changes
- VF Corp bullish for second-half growth
- Crystal Group improves worker communication
- TIMELINE: Charney ousting from American Apparel
- Columbia Sportswear fined for mislabelled clothing
- VF Corp books "solid" Q2 performance
- “Made in USA” company rapped for deceptive claims
- Global market review of denim and jeanswear – forecasts to 2020
- Management briefing: Sourcing shifts: Changes and challenges
- American Eagle Outfitters, Inc. : Reacting to a need for change
- Ethiopia – the emerging textile and clothing industry
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies