Gap: stock toasts on Wall Street to the new outlook, turnover and earnings estimates for the year revised upwards

Stock Gap up by almost 3% following the new outlook issued by the clothing store chain.

The San Francisco group improved full-year sales estimates for the second time, betting on booming demand especially for its Old Navy and Athleta brands.

Gap now expects revenue growth, on a net basis, of around 30% for fiscal year 2021, compared to the previous outlook of growth between 20% and 25%, and against the + 24.3% expected by the consensus .

The company also estimates adjusted earnings of between $ 2.10 and $ 2.25 per share, up from the previous range of $ 1.60 to $ 1.75 per share and from analysts’ estimated $ 1.80.