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Gap Inc (NYSE:GPS) shares gained more than 8% after-hours following the company’s reported strong Q3 results, with EPS of $0.71 coming in better than the consensus estimate of $0.00. Revenue grew 2% year-over-year to $4.04 billion, beating the consensus estimate of $3.81B.
Comparable sales grew 1% year-over-year. Online sales were up 5% year-over-year and represented 39% of total revenue.
“While our third quarter results underscore the initial progress we are making toward rebalancing our assortments and reducing inventories, we continue to take a prudent approach in light of the uncertain consumer and increasingly promotional environment as we look to the remainder of fiscal 2022,” said Katrina O’Connell, Executive Vice President and Chief Financial Officer of Gap.
The company expects total net sales to decline mid-single digits year-over-year in Q4/22.
