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Gap fiscal Q3 profit falls YOY

Gap Inc. said its normalized net income for the fiscal third quarter ended Nov. 1 was 77 cents per share, compared with the S&P Capital IQ consensus estimate of 73 cents per share.

EPS rose year over year from 74 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $335.0 million, a decline from $347.5 million in the year-earlier period.

The normalized profit margin declined to 8.4% from 8.7% in the year-earlier period.

Total revenue came to $3.97 billion, compared with $3.98 billion in the prior-year period, and total operating expenses totaled $3.43 billion, compared with $3.40 billion in the prior-year period.

Reported net income increased from the prior-year period to $349.6 million, or 80 cents per share, from $337.0 million, or 72 cents per share.