Wall Street Lauds Gap's (GPS) Q2 Earnings Beat, Higher View
Zacks Investment Research | Aug 18, 2017 08:51AM ET
The Gap Inc. (NYSE:GPS) gained 5.5% in yesterday’s after-market trading session, as the company raised its fiscal 2017 earnings outlook, following the better-than-expected second quarter results. While the quarter marked the second consecutive positive earnings surprise, it was Gap’s fifth straight quarter of sales beat. Comparable store sales (comps) also continued to witness strength for the third time in a row, mainly driven by sturdy performance of Old Navy. The company’s focus on enhancing product quality and quick response to the changing consumer trends also helped the results.
However, foreign currency continued to play foul, resulting in the year-over-year decline in both the top and bottom lines. Nevertheless, yesterday’s upside drove this Zacks Rank #2 (Buy) stock’s last three months’ performance to a solid 7.9%, which shows a marked improvement in comparison to the Original post
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