.August 29, 2024 3:50 PM

Gap Inc. (NYSE:GAP) saw its shares halted after second-quarter earnings were prematurely released. The company reported earnings per share of $0.54, beating expectations by $0.13, with revenue reaching $3.7 billion, a 5% increase year-over-year.

The report revealed Gap gained market share for the sixth consecutive quarter and expanded gross margin by 500 basis points. Operating margin for the quarter was reported at 7.9%.

Gap raised its full-year guidance, expecting gross margin expansion of approximately 200 basis points and operating income growth in the mid to high 50% range.