Gap Stock Soars 17% as Earnings Crush Expectations and Revenue Also Beats Them
Gap (NYSE: GPS) stock soared 17.1% in Thursday's after-hours trading, following the casual-apparel retailer's release of its report for the third quarter of fiscal 2023 (ended Oct. 28). The stock's surge is attributable to earnings crushing Wall Street's expectation and revenue coming in better than analysts had projected.
Following is an overview of Gap's third quarter, along with its annual outlook, centered on four key metric categories.
Gap's quarterly sales declined 7% year over year to $3.77 billion, which includes a 2 percentage-point negative impact from the company's sale of Gap China. This result exceeded the $3.6 billion Wall Street consensus estimate.
Source Fool.com
Gap Inc. Stock
€20.62
2.620%
Gap Inc. is currently one of the favorites of our community with 15 Buy predictions and no Sell predictions.
With a target price of 23 € there is a slightly positive potential of 11.57% for Gap Inc. compared to the current price of 20.62 €.
