Gap Inc. Q3 Profit Decreases, but beats estimates

(RTTNews) - Gap Inc. (GPS) reported a profit for third quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $218 million, or $0.58 per share. This compares with $282 million, or $0.77 per share, in last year's third quarter.

Excluding items, Gap Inc. reported adjusted earnings of $221 million or $0.59 per share for the period.

Analysts on average had expected the company to earn $0.19 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.7% to $3.77 billion from $4.04 billion last year.

Gap Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $218 Mln. vs. $282 Mln. last year. -EPS (Q3): $0.58 vs. $0.77 last year. -Analyst Estimates: $0.19 -Revenue (Q3): $3.77 Bln vs. $4.04 Bln last year.

-Guidance: Next quarter revenue guidance: $4.2 Bln