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Gap fiscal Q1 profit falls 10.3% YOY

The Gap Inc. said its normalized net income for the fiscal first quarter ended May 2 amounted to 56 cents per share, compared with the S&P Capital IQ consensus estimate of 55 cents per share.

EPS fell year over year from 59 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $238.8 million, a decrease of 10.3% from $266.3 million in the year-earlier period.

The normalized profit margin dropped to 6.5% from 7.1% in the year-earlier period.

Total revenue decreased on an annual basis to $3.66 billion from $3.77 billion, and total operating expenses declined from the prior-year period to $3.27 billion from $3.33 billion.

Reported net income declined 9.2% year over year to $237.4 million, or 56 cents per share, from $261.6 million, or 58 cents per share.