November 8, 2019 / 11:20 AM / 15 days ago

CORRECTED-(OFFICIAL)-BRIEF-Gap Inc Says Art Peck To Step Down As Chief Executive Officer

(Corrects forecast for Q3 adjusted EPS and net EPS after the company clarified)

Nov 7 (Reuters) - Gap Inc:

* ANNOUNCES ART PECK TO STEP DOWN AS CHIEF EXECUTIVE OFFICER

* COMPANY ALSO PROVIDES UPDATE ON Q3 AND FISCAL 2019 EARNINGS OUTLOOK

* CHAIRMAN ROBERT J. FISHER TO SERVE AS INTERIM CHIEF EXECUTIVE OFFICER

* APPOINTED BOBBY MARTIN, CHAIR OF ITS COMPENSATION AND MANAGEMENT DEVELOPMENT COMMITTEE, AS LEAD INDEPENDENT DIRECTOR

* COMPANY EXPECTS DILUTED EARNINGS PER SHARE FOR Q3 OF FISCAL YEAR 2019 TO BE APPROXIMATELY $0.34 TO $0.36

* COMPARABLE SALES FOR Q3 OF 2019 WERE DOWN 4% VERSUS FLAT LAST YEAR

* SEES Q3 ADJUSTED DILUTED EARNINGS PER SHARE TO BE APPROXIMATELY $0.50 TO $0.52

* UPDATED ITS REPORTED DILUTED EARNINGS PER SHARE GUIDANCE FOR FISCAL YEAR 2019 TO BE IN RANGE OF $1.38 TO $1.47

* NOW EXPECTS 2019 ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE RANGE OF $1.70 TO $1.75

* QTRLY COMPARABLE SALES FOR OLD NAVY GLOBAL: NEGATIVE 4% VERSUS POSITIVE 4% LAST YEAR

* QTRLY GAP GLOBAL COMP SALES: NEGATIVE 7%

* Q3 EARNINGS PER SHARE VIEW $0.55 -- REFINITIV IBES DATA

* FY EARNINGS PER SHARE VIEW $2.07 -- REFINITIV IBES DATA

* GAP - WAS A CHALLENGING THIRD QUARTER

* GAP - MACRO IMPACTS, SLOWER TRAFFIC FURTHER PRESSURED Q3 RESULTS THAT HAVE BEEN HAMPERED BY PRODUCT AND OPERATING CHALLENGES ACROSS KEY BRANDS Source text: (bit.ly/34IjJdq) Further company coverage:

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