Third quarter net sales were $3.9 billion, which is flat compared with the third quarter of last year. Eighteen analysts had consensus revenue estimate of $3.86 billion for the quarter.
Due to the 53rd week in fiscal year 2006, third quarter 2007 comparable store sales are compared with the thirteen weeks ended November 4, 2006. On this basis, comparable store sales decreased 5%, compared with a decrease of 5% in the third quarter of 2006.
As a result of the improvement in the third quarter, Gap has raised its GAAP earnings outlook for fiscal year 2007 to a range of $0.92 to $0.98 per share from its prior guidance of $0.83 to $0.88 per share.
Excluding about $0.07 per share of expenses associated with the cost reduction initiatives and the discontinued operation of Forth & Towne, the company has increased its earnings forecast to a range of $0.99 to $1.05 per share from its previous expectation of $0.90 to $0.95 per share. Twenty-two analysts project earnings of $1.05 per share for the year.
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