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Gap fiscal Q3 profit falls 23.7% YOY

The Gap Inc. said its normalized net income for the fiscal third quarter ended Oct. 31 was 63 cents per share, compared with the S&P Capital IQ consensus estimate of 63 cents per share.

EPS fell 18.3% year over year from 77 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $255.6 million, a decrease of 23.7% from $335.0 million in the third quarter ended Nov. 1, 2014.

The normalized profit margin dropped to 6.6% from 8.4% in the year-earlier period.

Total revenue decreased on an annual basis to $3.86 billion from $3.97 billion, and total operating expenses came to $3.43 billion, compared with $3.42 billion in the year-earlier period.

Reported net income decreased 28.8% year over year to $248.9 million, or 61 cents per share, from $349.6 million, or 80 cents per share.