Investing.com - Gap Inc (NYSE:GPS) shares surged during Thursday’s after hours after the company reported that it had easily beat Wall Street’s second quarter earnings expectations.
Gap earned 58 cents in the second quarter on revenue of $3.8 billion, whereas analysts had forecast earnings of 52 cents on revenue of $3.77 million.
Comparable stores sales grew by 1%, their third consecutive quarterly advance. Following the positive second quarter results, the company increased its fiscal year 2017 guidance to a range of $2.12 to $2.20. The company also increased its adjusted EPS guidance to a range of $2.02 to $2.10, compared to previous guidance of $1.95 to $2.05. Analysts are looking for full year (adjusted) EPS to come in at $2.00.
Gap's shares were up almost 9% during Thursday's after hours session.