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Gap fiscal Q2 profit falls 20.6% YOY

The Gap Inc. said its normalized net income for the fiscal second quarter ended Aug. 1 amounted to 65 cents per share, compared with the S&P Capital IQ consensus estimate of 64 cents per share.

EPS fell 15.8% year over year from 77 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $272.5 million, a decline of 20.6% from $343.1 million in the year-earlier period.

The normalized profit margin declined to 6.8% from 8.6% in the year-earlier period.

Total revenue fell year over year to $3.90 billion from $3.98 billion, and total operating expenses totaled $3.45 billion, compared with $3.42 billion in the prior-year period.

Reported net income decreased 34.6% from the prior-year period to $217.4 million, or 52 cents per share, from $332.3 million, or 75 cents per share.