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Gap fiscal Q1 profit falls 19.6% YOY

Gap Inc. said its normalized net income for the fiscal first quarter ended May 3 amounted to 59 cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.

EPS decreased 16.1% year over year from 70 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $266.3 million, a decrease of 19.6% from $331.3 million in the prior-year period.

The normalized profit margin fell to 7.1% from 8.9% in the year-earlier period.

Total revenue rose year over year to $3.77 billion from $3.73 billion, and total operating expenses climbed year over year to $3.33 billion from $3.20 billion.

Reported net income decreased 21.8% from the prior-year period to $261.6 million, or 58 cents per share, from $334.4 million, or 71 cents per share.