SAN FRANCISCO (AP) _ Gap Inc. (GPS) on Tuesday reported fiscal third-quarter net income of $266 million.
The San Francisco-based company said it had net income of 69 cents per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.
The clothing chain posted revenue of $4.09 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $3.98 billion.
Gap expects full-year earnings to be $2.55 to $2.60 per share.
Gap shares have dropped 28 per cent since the beginning of the year, while the Standard & Poor’s 500 index has decreased 1 per cent. In the final minutes of trading on Tuesday, shares hit $24.66, a decline of 18 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GPS at https://www.zacks.com/ap/GPS
The Associated Press