Gap Jan. Same-store Sales Up 1%; Sees Q4 EPS Above Consensus

(RTTNews) - Gap Inc. (GPS) said Thursday that its same-store sales rose 1% in January.

January 2014 net sales for the four-week period ended February 1, 2014 were $899 million, compared with net sales of $1.13 billion for the five-week period ended February 2, 2013.

For the fourth quarter of fiscal year 2013, same-store sales increased 1%, marking the company's eighth consecutive quarter of positive same-store-sales growth.

Gap's net sales for the fourth quarter of fiscal year 2013 were $4.58 billion, compared with $4.73 billion for the fourth quarter last year.

The company announced earnings per share guidance for the fourth quarter in the range of $0.65 to $0.66, representing full-year fiscal 2013 earnings per share growth in the mid-to-high teens.

Analysts polled by Thomson Reuters currently expect the company to earn $0.60 per share on revenue of $4.60 billion for the fourth quarter.

Net sales were $16.15 billion for the 52 weeks ended February 1, 2014 compared with net sales of $15.65 billion for the 53 weeks ended February 2, 2013. The company's same-store sales for fiscal year 2013 increased 2%.

Gap. will release its fourth quarter earnings results on February 27.