(Gap Inc.) Gap Inc. net sales in the second quarter of 2021 rose the highest in over a decade at 29% year over year to $4.2 billion.
For the first half of the year, net sales were $8.202 billion, up from $5.382 billion in the comparable period of 2020.
Gap Inc. reported a net income of $258 million in the second quarter, up from a net loss of $62 million in the comparable quarter of 2020. Half year net income was $424 million, up from a loss of $994 million in the comparable period of 2020.
Diluted earnings per share in the second quarter rose to $0.67, up from a net loss per share of $0.17 in the second quarter of 2020. Half year EPS was $1.10, up from a loss per share of $2.66 in the comparable period of 2020.
Gap Inc. now projects sales to grow about 30% in FY21 compared to FY20.
Operating margin is expected to be about 7.0% in FY21.
The company projects EPS to range between $1.90 and $2.05 in FY21.
GPS: NYSE is up +7.02% on premarket.
