=Gap (GPS) reported earnings on Thur 25 Feb 2016 (a/h)

Gap reports EPS in-line, misses on revs; guides FY17 EPS in-line; Announces $1 bln share repurchase, notes debt repayment will supersede buyback in 2016  :

• Reports Q4 (Jan) earnings of $0.57 per share (Preannounced 2/8), excluding non-recurring items, in-line with the Capital IQ Consensus of $0.57; revenues fell 6.9% year/year to $4.38 bln vs the $4.47 bln Capital IQ Consensus.
• The company's fourth quarter fiscal year 2015 comparable sales were down 7 percent (Preannounced 2/8) versus positive 2 percent last year.
• Comparable sales by global brand for fiscal year 2015 were as follows:
  • Gap Global: negative 6 percent versus negative 5 percent last year
  • Banana Republic Global: negative 10 percent versus flat last year
  • Old Navy Global: flat versus positive 5 percent last year
• At the end of the fourth quarter of fiscal year 2015, inventory dollars per store were about flat, in line with the company's previous guidance.
• Co issues in-line guidance for FY17, sees EPS of $2.20-2.25 vs. $2.42 Capital IQ Consensus Estimate.