FX.co ★ Gap Q3 Profit Rises

Gap Inc. has announced an increase in profit for the third quarter, bolstered by a rise in revenues. For this period, net sales reached $3.829 billion, reflecting a 2% increase from last year's $3.767 billion. Comparable sales experienced a 1% rise over the same timeframe. The net income totaled $274 million, equating to $0.72 per share, surpassing the previous year's figure of $218 million or $0.58 per share. Analysts surveyed by Thomson Reuters had anticipated earnings of $0.58 per share, based on revenues of $3.81 billion for the quarter. Looking ahead to the full fiscal year 2024, Gap Inc. projects sales growth between 1.5% and 2.0%, an upward adjustment from its earlier forecast of modest revenue growth.