Originally published at www.seclive.com
Filing in Focus: Gap 8-K, May 22, 2014
Gap Inc. (GPS) announced its financial results for the first fiscal quarter of 2014, reporting a 22% decrease in profit from the year-ago quarter. The clothing retailer saw revenue increase 1.2% to $3.77B while comparable store sales decreased 1%. Old Navy led the company with a positive 1% increase in comparable sales while both Gap and Banana Republic posted a negative 1% and negative 5% change in sales respectively. Online sales improved 13% to $575M this quarter. Earnings fell from $333M and $0.71 per share a year ago to $260M and $0.58 per share. Chairman and CEO Glenn Murphy commented that the company started off slowly but improved towards the end of the quarter, with Old Navy leading the way.
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