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Gap (GPS) 3Q16 Results: EPS in Line with Consensus, Merchandise Margins Improve

Executive Summary

  • Gap reported 3Q16 revenues of $3.80 billion, down 1.5% year over year and slightly below the consensus estimate of $3.86 billion. Reported adjusted EPS was $0.60, in line with the consensus estimate but down 5% from the year-ago period.
  • The overall merchandise margin improved by 220 basis points year over year, driven by Old Navy.
  • The company expects full-year adjusted EPS of $1.87–$1.92, consistent with the prior guidance. The company expects total inventory to be down in the low single digits year over year for 2016.
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