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BRIEF-Gap Inc's Q1 sales $3.4 billion

May 18 Gap Inc

* Gap Inc reports first quarter results

* Reaffirms FY earnings per share view $1.95 to $2.05

* Q1 earnings per share $0.36

* Q1 sales $3.4 billion

* Company continues to expect capital spending to be approximately $625 million for fiscal year 2017

* Expects total inventory to be about flat at end of first half of fiscal year 2017 when compared with end of first half of fiscal year 2016

* At end of Q1 of fiscal year 2017, total inventory was about flat year-over-year

* Company now expects store count to be about flat at end of fiscal year 2017 compared with fiscal year 2016

* Now expects total inventory to be about flat at end of first half of fiscal year 2017 when compared with end of first half of fiscal year 2016

* Updated EPS guidance for H1 2017 to be down mid-single digits versus adjusted diluted earnings per share for first half of fiscal year 2016

* Company expects to spend about $100 million on share repurchases in Q2 of fiscal 2017

* Foreign currency fluctuations negatively impacted earnings per share for Q1 of fiscal year 2017 by an estimated $0.03

* Company continues to expect capital spending to be approximately $625 million for fiscal year 2017

* Company continues to expect comparable sales for fiscal year 2017 to be flat to up slightly

* Gap Inc's comparable sales for Q1 of fiscal year 2017 were up 2 percent versus a 5 percent decrease last year Source text for Eikon: Further company coverage:

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