Gap reports Q1 EPS 51c, consensus 45c

Reports Q1 revenue $3.5B, consensus $3.42B. Reports Q1 SSS up 2%. “Gap (GAP) Inc. delivered strong first quarter results, exceeding financial expectations and gaining market share for the 9th consecutive quarter,” said President and Chief Executive Officer, Richard Dickson. “We had positive comp sales for the 5th consecutive quarter, with our two largest brands, Gap and Old Navy, winning in the marketplace, demonstrating the power of our brand reinvigoration playbook. The rigor we’ve embedded across the organization continued to serve us well, driving gross margin and operating margin expansion in the quarter. These results are yet another proof point that our strategy is working. In this highly dynamic environment, we are optimistic yet realistic and remain focused on controlling the controllables as we build our company for long term growth.”