Gap Inc. Oct. Comps. Down 1%; Issues Q3 Earnings Guidance - Quick Facts

(RTTNews) - Gap Inc. (GPS) reported that net sales for the four-week period ended October 29, 2016 were $1.20 billion, or flat when compared with the four-week period ended October 31, 2015. Comparable sales for October were down 1 percent. The company estimated that the fire, which occurred in a building on its Fishkill, New York distribution center campus, negatively impacted October comparable sales by approximately 3 percentage points.

For the third quarter, net sales were $3.80 billion compared with $3.86 billion for the third quarter of last year. Comparable sales for the third quarter were down 3 percent, including an estimated negative impact from the Fishkill distribution center fire of approximately 2 percentage points.

On a reported basis, the company expects its earnings per share for the third quarter of fiscal year 2016 to be in the range of $0.50 to $0.51. Excluding the $0.09 negative impact associated with its previously announced store closure and streamlining measures, the company expects adjusted earnings per share to be in the range of $0.59 to $0.60 for the third quarter of fiscal year 2016.