Gap Lowers Earnings, Sales Outlook for FY19
May 30 2019 - 5:16PM
Dow Jones News
By Aisha Al-Muslim
Gap Inc. (GPS) lowered its earnings and sales guidance Thursday
for fiscal year 2019.
The company now expects adjusted earnings per share of $2.05 to
$2.15, down from its previous outlook of $2.40 to $2.55 a share,
which excluded the estimated costs related to the Gap brand fleet
restructuring.
As part of the restructuring, the company had said earlier this
year it will close about 230 Gap specialty stores over the next two
years.
The company now also expects same-store sales for the fiscal
year to be down low single digits, compared with its prior guidance
of flat or up slightly.
The stock fell more than 11% to $18.31 in after-hours trading.
Shares are down about 29% in the last year.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
May 30, 2019 17:01 ET (21:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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