==Gap (GPS) reported earnings Thu 19 Nov 2015 (after close)

** charts before earnings **



** charts after earnings **

Gap reports EPS & revs, and comps in line with pre-announcement; lowers FY16 EPS below consensus :

• Reports Q3 (Oct) earnings of $0.63 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.63; revenues fell 2.9% year/year to $3.86 bln vs the $3.93 bln Capital IQ Consensus (in line with pre-announcement of $0.62-0.63 for EPS and $3.86 billion) for revs)
• Co issues lowered guidance for FY16, sees EPS of $2.38-2.42 from $2.75-2.80 vs. $2.52 Capital IQ Consensus Estimate. Co's adjusted EPS guidance range and adjusted operating margin for FY15 exclude charges associated with the strategic actions, which continue to be estimated at ~$130 million to $140 million.
• Comps Pre-announced on November 9th: Gap Inc.'s comparable sales for Q3 were down 2% versus a 2% decrease last year. Comparable sales by global brand for Q3 were as follows: Gap Global: negative 4% versus negative 5% last year Banana Republic Global: negative 12% versus flat last year Old Navy Global: positive 4% versus positive 1% last year.