Gap, Inc.

NYSE:GPS   3:59:55 PM EDT
8.48
-0.38 (-4.34%)
Other Pre-Announcement

Gap Inc Says QTRLY Net Sales Of $3.86 Billion, Down 8 % Compared To Last Year

Published: 08/25/2022 20:43 GMT
Gap, Inc. (GPS) - Gap Inc - Qtrly Net Sales of $3.86 Billion, Down 8 % Compared to Last Year.
Gap Inc - Qtrly Comparable Sales Were Down 10% Year-over-year.
Gap Inc - Qtrly Old Navy Net Sales of $2.1 Billion, Down 13%.
Gap Inc - Qtrly Banana Republic Net Sales of $539 Million, Up 9%.
Gap Inc - Qtrly Gap Net Sales of $881 Million, Down 10%.
Gap Inc - Inventory of $3.1 Billion at Quarter-end, Up 37% Year-over-year.
Gap Inc - Withdrawing Its Prior Fiscal 2022 Outlook.
Gap Inc - Qtrly Loss per Share $0.13; Qtrly Adjusted Earnings per Share $0.08.
Gap Inc - Qtrly Online Sales Declined 6% Compared to Last Year and Represented 34% of Total Net Sales.
Gap Inc - Expects Q3 Ending Inventory Growth to Moderate Substantially.
Gap Inc - Remains Cautiously Optimistic in Light of Consumer Environment As It Relates to Its Revenue in H2 of Fiscal 2022.
Gap Inc - Targeting Negative Inventories Versus Last Year by the End of Fiscal 2022.
Gap Inc - Taking Action to Reduce Operating Expenses, Which is Expected to Have More Significant Impact in Fiscal 2023.
Gap Inc - Now Expects Capital Expenditures of Approximately $650 Million in Fiscal 2022.
Gap Inc - Does Not Anticipate Further Share Repurchases for the Remainder of the Year.
Gap Inc - Seen an Improvement in Sales Trends in July and Into August Consistent With Many Other Retailers.
Gap Inc - Has Cut Or Deferred Some Capital Spending and Reduced Number of Old Navy New Stores Slated for Back Half of Year.
Further Company Coverage: Gpsn