SAN FRANCISCO (dpa-AFX) - Gap Inc. (GPS) announced, for fiscal 2017, the company expects earnings per share to be in the range of $1.95 to $2.05, which includes the estimated negative impact of approximately $0.09 due to foreign currency fluctuations at current exchange rates. This impact equates to approximately 5 percentage points of earnings per share growth when compared with the company's adjusted earnings per share of $2.02 for fiscal 2016.
Gap Inc. also noted that comparable sales for fiscal year 2017 are expected to be flat to up slightly. Net sales are expected to be slightly below this range driven by an expected negative impact from foreign currency fluctuations year-over-year.
The company noted that it expects reported earnings per share for the first half of fiscal 2017 to be down in the high single digits when compared with the adjusted earnings per share for the first half of fiscal year 2016. The company noted that fiscal 2017 is a 53-week year versus the 52-week fiscal year 2016.
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