Gap Beats Fourth-Quarter Earnings and Sales Estimates
Gap gave investors some good news on Thursday, reporting a sales drop that was significantly less than expected: 1% vs. 3.8%. Earnings per share also beat estimates. While the retailer said it was not yet possible to tell just how the coronavirus outbreak would ultimately affect its business, it allowed that a sizable sales hit was expected. Still, the results show a much-needed “stabilization” of the business.
“We began to see stabilization in our business in the fourth quarter, driven primarily by improvement in Old Navy’s performance,” interim CEO Bob Fisher said in a statement.