Originally published at www.seclive.com
Filing in Focus: Gap 8-K, August 22, 2013
Gap Inc. (NYSE:GPS) announced second quarter earnings that increased 25% over this period last year, as well as increased same-store sales. Gap's earnings this quarter last year were $243M, with $0.49 earnings per share, while the 25% increase resulted in $303M profit, or $0.64 per share. Overall, the company's sales continue to grow, with North American growth approaching 10% while Europe grew 6.6% and Asia grew 0.6%. Gap updated its earnings per share estimates from between $2.52 and $2.60 to between $2.57 and $2.65 per share. Other great news for shareholders is the company increased its dividend from $0.20 per share to $0.80 per share, the second time this year the company has increased its dividend. Chairman and CEO Glenn Murphy remarked that Gap is trying, and it feels has succeeded, in differentiating its three major brands: Gap, Old Navy, and Banana Republic. Rather than focusing on one singular brand the company has elected to diversify its offerings, which it believes is paying off.
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