Gap posts increase in Q3 sales and earnings

American clothing retailer Gap said on Tuesday its Q3 revenue for 2018 rose by 7 percent, while diluted earnings per share were 0.69 cents compared with third quarter fiscal year 2017 diluted earnings per share of 0.58 cents. The company has updated its diluted earnings per share guidance for fiscal year 2018 to be in the range of 2.55 US Dollars to 2.60 US Dollars, which incorporates the benefit of an expected fiscal year 2018 effective tax rate of 25 percent compared with previous guidance of an effective tax rate of 26 percent. The company continues to expect comparable sales for the year to be flat to up slightly.

The company’s sales in Q3 2018 were 4.1 billion US dollars, up from 3.8 billion US dollars a year earlier. Net profit increased to 266 million US dollars. The profit margin of the company increased to 6.5 percent compared to 6 percent a year ago.

Gap Inc was founded in 1969 by Donald Fisher and Doris F. Fisher and is based in San Francisco, California, United States. Gap is a leading international specialty retailer. Through five brands under its fold – Gap, Banana Republic, Old Navy, Athleta and Intermix, the company is known for its smart clothing and accessories.

Offering men's, women's and kids' clothing, the New York-listed company has about 150,000 employees worldwide and operates more than 3200 stores.

For more recent news on the business, collections and executive changes of Gap Inc, click here.

Picture:Facebook/Gap Inc.

 

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