Gap, Inc.

NYSE:GPS  
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+0.77 (+8.86%)
Other Pre-Announcement

Gap Reports Q1 Net Sales Of $3.5 Billion, Down 13%

Published: 05/26/2022 20:30 GMT
Gap, Inc. (GPS) - Gap - Qtrly Net Sales of $3.5 Billion, Down 13%.
Gap - Qtrly Comparable Sales Were Down 14% Year-over-year.
Gap - Quarter Ending Inventory Was Up 34% Year-over-year to $3.2 Billion.
Gap - Qtrly Loss per Share $0.44.
Gap - Qtrly Old Navy Net Sales of $1.8 Billion, Down 19% Compared to Last Year.
Gap - Qtrly Online Sales Declined 17% Compared to Last Year & Represented 39% of Total Net Sales.
Gap - Qtrly Banana Republic Net Sales of $482 Million, Up 24% Compared to Last Year.
Gap - Qtrly Gap Net Sales of $791 Million, Down 11% Compared to Last Year.
Gap - Revising Our Fiscal 2022 Outlook to Reflect Impact of Certain Factors Impacting Our Near-term Performance.
Gap - Q1 Results Reflect Industry-wide Headwinds, Challenges at Old Navy That Are Impacting Our Near-term Performance.
Gap - Now Expects Fiscal 2022 Revenue to Decline in Low to Mid-single Digit Range Versus Last Year.
Gap - Fiscal 2022 Gross Margin is Expected to Be in Range of 36.5% to 37.5%.
Gap - Fiscal 2022 Earnings per Share is Expected to Be in Range of $0.40 to $0.70.
Gap - Fiscal 2022 Adjusted Eps, Excluding a Net Benefit Expected From International Initiatives, is Expected to Be in the Range of $0.30 to $0.60.
Gap - Co Continues to Expect to Open About 30 to 40 Stores Each for Old Navy and Athleta in Fiscal Year 2022.
Gap - Sees Fiscal 2022 Capital Expenditures of About $700 Million.
Gap - Co Expects to Close About 50 Gap and Banana Republic Stores in North America During Fiscal 2022.