Gap reports profit beat, slight revenue miss, as same store sales dip

Investing.com -- Gap Inc (NYSE:GPS) shares wobbled after the casual clothing retailer missed slightly on revenue expectations.

The company reported second-quarter adjusted earnings per share of 34 cents on revenue of $3.55 billion. Analysts expected earnings per share of 9 cents on revenue of $3.58B. Revenue was down 8% from the same time last year.

Comparable store sales were down 6% over its brands, including Gap, Banana Republic, Old Navy, and Athleta. For its flagship brand, comparable sales were down 1%.

Shares were up 0.2% in after-hours trading after initially falling. They are down 15% so far this year.

CEO Richard Dickson said: "We’re seeing encouraging signs of progress, as our teams streamline the way we work so we can focus on growth-driving initiatives – a virtuous cycle that we’ll look to become our norm. This means we have to do things differently, with a clear focus on redefining our brands’ meaning to consumers, focusing on creativity, designing for relevance as a pursuit rather than a goal, and leveraging our remarkable legacy to shape an exciting new future.”

The company sees third-quarter revenue down in the low double-digits range. It sees full-year revenue down mid-single digits.