Gap Inc.on Thursday reported first-quarter earnings and cut its full-year profit guidance.
Gap reported a first-quarter adjusted EPS loss of 44 cents, missing consensus estimates of a 13-cent loss. Gap reported revenue of $3.48 billion, beating analyst expectations of $3.46 billion. Revenue was down 13 percent from a year ago.
Overall same-store sales were down 14 percent from a year ago, missing Wall Street’s estimate of a 12.2 percent drop. Gap store sales were down 11 percent, Old Navy same-store sales were down 22 percent and Banana Republic sales were up 27 percent.
Looking ahead, Gap reduced its full-year EPS guidance from a previous range of between $1.85 and $2.05 to a new range of between 30 cents and 60 cents….