Gap gets it done, 2Q comps rise 5%
Gap Inc. continues to enjoy momentum at its namesake Gap stores and Old Navy units which pushed total company results up 8% to nearly $3.9 billion.
Results were strongest at Gap and Old Navy stores where comps increase 6% while Banana Republic comps declined 1%.
“We are pleased with our second quarter performance overall, and we’re focused on continuing our momentum as we move into the second half of the year,” said Glenn Murphy, chairman and CEO of Gap Inc.
The company will report full second quarter financial results on August 22 and said it expects earnings per share in the range of 62 cents to 64 cents compared to 49 cents last year.