Gap Earnings Beat in Q2 on Surprise Comp Sales Growth; Shares Surge By Investing.com

Gap Earnings Beat in Q2 on Surprise Comp Sales Growth;


© Reuters. Gap Earnings, Revenue Beat in Q2

By Yasin Ebrahim

Investing.com – Gap reported on Thursday as second-quarter results were less bad than feared, led by a strong online growth.

Gap (NYSE:) shares gained 6.96% in after-hours trade following the report.

Gap announced earnings per share of $-0.17 on revenue of $3.28B. Analysts polled by Investing.com anticipated EPS of $-0.4 on revenue of $2.88B.

Comparable sales grew 13%, compared with expectations for a 25.3% decline, thanks to a 95% increase in online net sales year-over-year.

Gross margin was 35.1%, a decline of 3.8% points versus last year, as a result of “increased shipping expense as online sales grew and the company leveraged its stores to fulfill strong online demand,” the company said.

Gap shares are down 1% from the beginning of the year, still down 12.44% from its 52 week high of $19.86 set on September 12, 2019. They are under-performing the which is up 7.89% from the start of the year.

Gap’s report follows an earnings beat by Amazon.com on July 30, who reported EPS of $10.3 on revenue of $88.91B, compared to forecasts EPS of $1.48 on revenue of $81.45B.

Alibaba ADR had beat expectations on August 20 with first quarter EPS of $14.82 on revenue of $153.75B, compared to forecast for EPS of $13.82 on revenue of $148B.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

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