Gap Posts Lower Q1 Profit

(RTTNews) - Gap Inc. (GPS) today reported first quarter net income of $239 million or $0.56 per share, compared to $260 million or $0.58 per share for the year-ago quarter.

The company's earnings per share for the first quarter of fiscal year 2015 includes a non-recurring benefit of about $0.02 related to a reversal of tax-related interest expense.

Net sales for the first quarter fell 3% to $3.66 billion from $3.77 billion a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.56 per share on revenue of $3.75 billion for the first quarter. Analysts' estimates typically exclude special items.

The company also reaffirmed its full-year 2015 earnings per share guidance to be in the range of $2.75 to $2.80. Analysts currently expect the company to earn $2.78 per share for the full year 2015.