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.
Gap Inc has said that net sales increased 7% over the first quarter, with growth driven by Gap and Old Navy. ...
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...
Delia's, which sells clothing for teenage girls and young women, has appointed former Gap executive Tracy Gardner to the newly-created role of chief creative officer....
A new study into the impact of the branded clothing sector on the European economy is calling for a shift in thinking when it comes to setting out trade policies to include the full breadth of the ind...
New research released this week has linked international fashion brands to a textile plant in West Java that is accused of dumping industrial wastewater containing a cocktail of toxic and hazardous ch...
- TPP trade pact in milestone signing by 12 nations
- US apparel retailers' January 2016 sales roundup
- Esquel backs Chinese Sea Island cotton production
- Cheap polyester contributes to cotton import shift
- Colombia faces challenges in fashion export drive
- Southeast Asia – a strategic sourcing review
- H&M and Primark price rivalry reaches equilibrium
- Bangladesh factory fire renews worker safety fears
- Ethiopia textile and apparel exports lagging
- Hanesbrands Q4 performance “disappoints”
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Wearable technology: The future market potential for smart garments and e-textiles
- Global market review of denim and jeanswear – forecasts to 2021
- Wearable Technology Market by Product, Application, Type, & Geography - Global Forecast to 2020
- E-Textiles: Electronic Textiles 2014-2024