Gap posted a surprise fiscal-first-quarter profit, and quarterly revenue that doubled from the year-ago period. The clothing company also raised its full-year guidance.
For the quarter ended May 1, Gap’s adjusted earnings came in at 48 cents a share, while analysts polled by FactSet expected adjusted loss of -5 cents a share.
Revenue rose to $3.99 billion, from $2.1 billion a year ago. Analysts polled by FactSet expected $3.44 billion.
Comparable-store sales climbed +35% year-over-year at Old Navy Global, +29% at Gap Global and +27% at Athleta. However, same-store sales at Banana Republic fell -4% year-on-year.
For the full-year, Gap boosted its guidance on GAAP diluted earnings per share to a range of $1.55 to $1.70. Analysts polled by FactSet were expecting $1.43 a share.
The company projects net sales growth between the low to mid 20% range for fiscal 2022, compared with its earlier guidance of mid-to-high teens percent.