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26 May, 2017 09:13 IST
Gap first-quarter profit rises 12.60 percent on a YOY basis
Source: IRIS | 19 May, 2017, 08.31PM

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Gap (GPS) has reported 12.60 percent rise in profit for the quarter ended Apr. 29, 2017. The company has earned $143 million, or $0.36 a share in the quarter, compared with $127 million, or $0.32 a share for the same period last year.     

Revenue during the quarter went up marginally by 0.06 percent to $3,440 million from $3,438 million in the previous year period. Gross margin for the quarter expanded 271 basis points over the previous year period to 37.88 percent. Total expenses were 92.62 percent of quarterly revenues, down from 93.54 percent for the same period last year. This has led to an improvement of 93 basis points in operating margin to 7.38 percent.

Operating income for the quarter was $254 million, compared with $222 million in the previous year period.

"We are pleased with our positive comp and earnings growth this quarter," said Art Peck, president and chief executive officer, Gap Inc. "We've made substantial improvements in product quality and fit, and our increasing responsive capabilities are enabling us to better react to trends and demand." "While the retail environment continues to be challenging, we are focused on delivering the best possible product and customer experience, and our ability to leverage a portfolio of iconic brands and operating scale uniquely positions the company for long-term growth," Peck continued.

For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.95 to $2.05.

Operating cash flow drops significantlyGap has generated cash of $91 million from operating activities during the quarter, down 45.83 percent or $ 77 million, when compared with the last year period.

The company has spent $99 million cash to meet investing activities during the quarter as against cash outgo of $140 million in the last year period.

The company has spent $193 million cash to carry out financing activities during the quarter as against cash outgo of $97 million in the last year period.

Cash and cash equivalents stood at $1,583 million as on Apr. 29, 2017, up 20.56 percent or $270 million from $1,313 million on Apr. 30, 2016.

Debt comes down
Gap has recorded a decline in total debt over the last one year. It stood at $1,315 million as on Apr. 29, 2017, down 24.51 percent or $427 million from $1,742 million on Apr. 30, 2016. Interest coverage ratio improved to 15.88 for the quarter from 12.33 for the same period last year.

Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net



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