Gap Issues Strong FY22 Outlook; Stock Up 17%

(RTTNews) - While reporting its fourth quarter results on Thursday, Gap, Inc. (GPS) issued an outlook for the full year 2022, which is expected to beat Wall Street view. Shares of the apparel retailer jumped over 17% in after-hours trading.

Looking forward to the fiscal year 2022, the company expects its earnings of $1.95 to $2.15 per share and adjusted earnings of $1.85 to $2.05 per share. The company expects fiscal year 2022 revenue growth to be in the low single-digit range versus fiscal year 2021 with first quarter net sales expected to be down mid to high-single digits versus the first quarter of 2021.

Analysts polled by Thomson Reuters currently estimate earnings of $1.86 per share on revenue growth of 1.60%.

GPS closed Thursday's trading at $14.25, down $0.32 or 2.20%, on the NYSE. The stock, however gained $2.49 or 17.47% in the after hours trading.