"Gap's Old Navy Revival Sends GPS Stock Soaring 30%+"
Originally Published 2 years ago — by Investor's Business Daily
Gap's stock (GPS) surged over 30% after the company reported better-than-expected Q3 earnings, with adjusted earnings of 59 cents per share and net sales of $3.77 billion. Comparable sales were down 2%, driven by a 6% decline in same-store sales. Online sales decreased 8%. Ross Stores (ROST) also saw a breakout in its stock, rising 7.2% after reporting a 33% increase in earnings to $1.33 per share and net sales of $4.92 billion for Q3. Comparable store sales increased 5%.