Gap Inc. (GPS) reported that, for the first quarter of fiscal 2016, net sales were $3.44 billion compared with $3.66 billion, last year. Gap Inc. expects earnings per share for the first quarter to be in the range of $0.31 to $0.32. The company said its gross margins were pressured as it entered April with more inventory than planned as a result of weaker than expected traffic, which began in late March 2016 and continued into April. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.44. Analysts' estimates typically exclude special items. Analysts expected revenue of $3.54 billion for the quarter.
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