Gap Inc., lead by strong comparable sales at Old Navy, reported that net income in the second quarter more than doubled to $271 million from $125 million in the year ago period.
The company increased in earnings per share guidance to a range of $2.12 to $2.20 a share for fiscal 2017. Gap Inc. continues to expect comparable sales for fiscal year 2017 to be flat to up slightly.
Overall, comparable sales in the quarter were up 1 percent, with Old Navy Global up 5 percent, while Gap Global was down 1 percent and Banana Republic Global fell 5 percent.
“With a third consecutive quarter of comp sales growth, we are seeing our investments in product, customer experience, and brand equity begin to pay off,” said Art Peck, president and chief executive officer. “Based on the strength of the first half, we are pleased to increase our full year earnings guidance.
“As we continue to focus on long-term growth, we are accelerating our strategies that put the customer at the center of everything we do — including a focus on product categories where we have clear differentiation, continued investment in our online and mobile offerings, and taking advantage of our operating scale to drive speed to market, responsiveness to customer demands and efficiency.”