Specialty clothing retailer Gap Inc has reaffirmed its full-year earnings guidance after higher sales at the Old Navy and Banana Republic chains helped lift second quarter profit by 3%.
Net earnings rose to $234m or $0.36 per share in the three months to 31 July, compared with $228m $0.33 per share for the second quarter last year.
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“Our economic model helped us deliver both sales and earnings growth for the second quarter, while we navigated some challenges along the way,” said Glenn Murphy, chairman and chief executive officer.
“Looking forward, we’re committed to our strategy of growing sales and market share in North America as we also invest in our long-term global and online growth initiatives.”
Net sales rose 2% to $3.32bn, from $3.25bn last year. And same-store sales increased 1% compared with a drop of 8% a year ago. The company, which has just expanded its e-commerce reach from one country to 55 through international shipping, said online sales increased 15% to $258m in the quarter.
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Click here for just-style’s comment on Gap Inc’s second-quarter results.
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