Gap has forecasted its full-year profit and unfortunately they came in below analysts’ estimates. The company has issued full-year adjusted profit of $1.87-$1.92 per share while its earlier forecast was a profit of about $1.92.
Analysts on average were expecting earnings of $1.96, according to Thomson Reuters I/B/E/S.
For the second quarter, ended July 30th, the company’s net income fell to $125 million, or 31 cents per share from $219 million, or 52 cents per share, a year earlier.
According to Thomson Reuters I/B/E/S, excluding items, the company earned 60 cents per share, beating the average analyst estimate of 59 cents.
Net sales were unchanged from the $3.85 billion the company provided on Aug. 8.
Disclaimer: We have no position in Gap Inc. (NYSE: GPS) and have not been compensated for this article.