New Member
Q3 was the final quarter to lap the exceptional infusion of brand-building investment that we made during Q4.
How do you interpret 'lap' here in this sentence??
  • owlman5

    Senior Member
    Lap appears to be a typographical error in writing tap, kalemongy. Tap should mean, roughly, to benefit from or to draw from.


    New Member
    Not just this phrase but 'lap' is used often in this report:

    While this pressure did moderate sequentially, in part, because of lapping last year's US dollar appreciation, it has continued to run more negatively than we had expected.
    Not only have we already lapped the sizable discrete benefits of first half 2018 as expected, but we also realized a benefit in this year's quarter three related to reversing a tax accrual.
    when we lap the seasonally largest operating profit of the divested business.

    What is the meaning of 'lap' here?


    Senior Member
    English - England
    I suspect 'lap' here means 'overtake'. Maybe it's a commonly used jargon term in the world of finance/business - with which I'm totally unfamiliar.

    I'm guessing this based on lapping in a race. When one runner/driver laps another, he or she has gone around the track faster than the other and has come up behind and overtaken the slower person.


    English (UK) & Dutch (NL)
    Heypresto's comment is correct. It means "overtake" or "exceed". From what I've found, it seems to exclusively appear in certain U.S. sources.

    For comparison:
    - "Company-owned comparable restaurant sales lapped last year's third quarter growth of 4.3%" (U.S. Securities and Exchange Commission)
    - "Work is continuous. No. 1, the lowest mat, built first, lapping last season's work range 110; then follow Nos. 2, 3, and 4, extending to head of work. " (U.S. War Dept.)

    I deal with Financial Statements and other related documents on a regular basis, which is where you'd expect this term to be used, but this is the first time I encounter it.