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    » » Gap's 1Q profit down 8 percent on currency fluctuations
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    Gap's 1Q profit down 8 percent on currency fluctuations

    Gap's 1Q profit down 8 percent on currency fluctuations

    NEW YORK (AP) — Gap Inc. reported an 8 percent decline in its first-quarter profit, as results were hurt by currency fluctuations and persistent sluggish sales at its Gap and Banana Republic stores.

    The San Francisco-based company, however, stuck with its annual profit outlook

    Gap is among the companies struggling with the impact of the strong dollar as sales in foreign currencies are worth less once they are translated back into the U.S dollars. But the retailer is also grappling with uneven performance of its brands. The company's Old Navy brand has been a bright spot, while it's trying to turn around weak business at Banana Republic and Gap.

    Under the direction of Art Peck who took over the role of CEO in February, the company has made changes in its executive ranks and is trying to appeal to a consumer who is jumping back and forth from the store to a mobile device.

    The latest results show that Peck faces challenges.

    The retailer reported earnings of $239 million, or 56 cents per share, for the three-month period ended May 2. That is down from $260 million, or 58 cents per share, for the year-ago period. Revenue slipped 3.1 percent to $3.66 billion.

    Analysts expected earnings of 56 cents per share on revenue of $3.69 billion, according to Zacks Investment Research.

    As reported earlier this month, revenue at stores open at least a year fell 4 percent. That includes an 8 percent drop at Banana Republic, a 10 percent drop at Gap and a 3 percent increase at lower-priced Old Navy.

    "Old Navy's performance gives me confidence — the team has hit the right formula and they are consistently delivering a truly aspirational experience that's resonating with customers," said Peck in a statement. "Gap remains a top priority as we focus on re-establishing the brand's aesthetic to bring to life an optimistic and elevated sense of American style."

    Gap said that it continues to anticipate earnings per share to be $2.75 per share to $2.80 per share for the year. Analysts expect $2.78 per share, according to FactSet.

    Shares slipped 11 cents to close at $38.56 before the earnings report. In after-hours trading, its shares slipped 12 cents to $38.44.


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