Gap Inc. reported strong earnings and revenue, exceeding expectations, with all brands showing positive sales.

From CNBC: 2024-05-30 18:24:11

Gap Inc. reported positive comparable sales at all brands, surpassing earnings and revenue expectations. Shares surged over 20% after the announcement. CEO Richard Dickson’s turnaround strategy is showing results, with fiscal first-quarter net income at $158 million. The company is raising guidance for full year 2024, expecting growth in net sales, gross margins, and operating income. Gap is seeing renewed success with all four brands reporting positive comps for the first time in years. New marketing strategies and innovative designs are resonating with consumers, driving sales growth. During the quarter, Old Navy saw a net sales increase of 5% and Banana Republic’s sales rose 2%. Athleta’s sales climbed 2%, with a significant 5% increase in comparable sales. Gap’s sales remained flat, but comparable sales were up 3%, exceeding expectations.



Read more at CNBC: Gap (GPS) earnings Q1 2024