That was in line with the company’s own projections and analyst estimates.
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During the quarter, the company said it would close some Gap locations as it tries to strengthen the brand, with most of the closures coming by the end of January.
He’s also coping with a strong US dollar, which has hurt the value of overseas sales, and inventory problems stemming from delays at West Coast ports.
The company will also eliminate 250 positions at its headquarters.
Analysts polled by Thomson Reuters estimated earnings of $0.64 per share for the quarter.
Gap shares have declined 20 per cent since the beginning of the year, while the Standard & Poor’s 500 index has dropped nearly 1 per cent. In the final minutes of trading on Thursday, shares hit $33.64, a decrease of 22 per cent in the last 12 months.
Gap executives said that they did not expect sales to improve before the holiday season, but vowed that the company would focus on closing underperforming stores and improving delivery systems to up profits in the next quarter.
The company reaffirmed its full-year adjusted earnings forecast of $2.75 to $2.80 per share. However, comparable sales at Old Navy Global gained 3 percent.
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Its net sales slipped 2 percent to $3.90 billion from $3.98 billion.
