For the third quarter of fiscal year 2014, NYSE listed and clothing retailer, Gap expects diluted earnings per share (EPS) to be in the range of $0.78 to $0.79, up from $0.72 in same quarter of fiscal year 2013.
“Third quarter of fiscal 2014 diluted earnings per share range includes a non-recurring benefit of about $0.06, benefitting from a lower effective tax rate,” Gap said.
The retailer added that, it also expects both, gross margin rate and operating expenses in the third quarter, to be better compared to guidance given alongside its September 2014 sales announcement.
Meanwhile, for the four-week period ended November 1, 2014, sales fell 2.32% to $1.26 billion, from $1.29 billion for the four-week period ended November 2, 2013.
Comparable sales for October 2014 were down 3 percent compared to a 4 percent increase in October 2013.
“While we were disappointed in our October sales results, particularly at Gap brand, we look forward to presenting better collections for the holiday season across all brands," said CEO, Glenn Murphy.
For the third quarter of fiscal year 2014, Gap’s net sales were marginally down to $3.97 billion compared with $3.98 billion, for the third quarter last year.
Comparable sales for the third quarter of fiscal year 2014 were down 2 percent against a 1 percent increase in the corresponding quarter of last year. (AR)
