Gap Inc. Reports 47% Retreat In Q1 Earnings

(RTTNews) - Gap Inc. (GPS) reported earnings for first quarter that fell compared to the same period last year.

The company said its earnings dropped to $127 million, or $0.32 per share. This was lower than $239 million, or $0.56 per share, in last year's first quarter.

Analysts had expected the company to earn $0.32 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 6.0% to $3.44 billion. This was down from $3.66 billion last year.

Gap Inc. earnings at a glance:

-Earnings (Q1): $127 Mln. vs. $239 Mln. last year. -Earnings Decline (Y-o-Y): -46.9% -EPS (Q1): $0.32 vs. $0.56 last year. -EPS Decline (Y-o-Y): -42.9% -Analysts Estimate: $0.32 -Revenue (Q1): $3.44 Bln vs. $3.66 Bln last year. -Revenue Change (Y-o-Y): -6.0%