Gap 3Q Profit Up
San Francisco Gap Inc. posted higher quarterly net profit on Thursday, topping Wall Street expectations, helped by lower inventory and cost cutting that boosted margins and offset a decline in sales.
Net income in its third quarter ended Nov. 1 rose to $246 million from $238 million, or 30? per share, a year earlier.
Sales fell nearly 8% to $3.56 billion from $3.85 billion.
“As sales fall we make an effort to ensure that store-related expenses … stay in line as a percent of sales,” said CFO Sabrina Simmons.
Barnes & Noble posts 3Q loss, lowers outlook
NEW YORK Barnes & Noble reported sales for the third quarter of $1.1 billion, a 4.4% decrease compared to the prior year. Barnes & Noble store sales decreased 4.4% to $971 million, with comparable-store sales decreasing 7.4% for the quarter.
The third quarter net loss was $18.4 million or 34 cents per share.
“A significant drop off in customer traffic and consumer spending impacted our business in the third quarter,” said Steve Riggio, ceo of Barnes & Noble. “In a challenging environment with a comparable-store sales decline of 4.6% this year, the company has aggressively managed expenses to operate profitably. Furthermore, the company is taking measures to reduce expenses for the balance of this year and next.”
For the fourth quarter, the company expects comparable-store sales at Barnes & Noble stores to decline 6% to 9%. Fourth quarter earnings per share is expected to be in a range of $1.40 to $1.70. For the full year, the company now expects comparable-store sales at Barnes & Noble stores to decline 5% to 6%. Full year earnings per share is expected to be in a range of $1.30 to $1.60, compared to previous guidance of $1.70 to $1.90.
Dollar General pushes back Thanksgiving sales
GOODLETTSVILLE, Tenn. Dollar General announced that it will offer holiday deals a full weak ahead of the traditional Thanksgiving holiday shopping weekend.
Starting the Sunday before Thanksgiving, customers will find special savings on items such as DVD players, holiday decorations and gaming systems.
Promotions will continue during the Thanksgiving weekend with deals on cell phones, jeans and MP3 players.