Gap 1Q profit misses Street estimates
Posted May 24, 2018 7:00 am
SAN FRANCISCO (AP) - Gap Inc. says its first-quarter profit missed forecasts, but revenue beat estimates.
The San Francisco-based clothing chain earned $164 million, or 42 cents per share, on revenue of $3.78 billion
Analysts expected a quarterly profit of 45 cents and revenue of $3.61 billion, according to Zacks Investment Research.
Sales in existing stores, a key retail metric, rose 1 percent during the quarter.
Looking ahead, Gap says it still expects full-year earnings to be $2.55 to $2.70 per share.
Gap shares slid 7 percent in extended after-hours trading.
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