From CNBC: 2024-11-21 16:15:53

Gap’s fiscal third quarter saw sales impacted by hurricanes and warm weather, but the company still exceeded expectations, leading to raised annual guidance. Gap anticipates fiscal 2024 sales to grow between 1.5% and 2%, up from previous guidance. Net income for the quarter was $274 million, with sales reaching $3.83 billion.

CEO Richard Dickson noted that unseasonably warm weather and storms affected sales, causing store closures and a 2% drop in overall sales. However, as weather improved, sales rebounded, with the holiday shopping season off to a strong start. Gap’s focus on better products, pricing, and consumer experience has driven recent success.

Old Navy, Gap’s largest brand, saw sales grow 1% to $2.2 billion, with flat comparable sales due to warm weather impact on kids’ category. Gap brand’s sales grew 1% to $899 million with 3% comparable sales growth. Banana Republic’s sales rose 2% to $469 million, with a 1% drop in comparable sales. Athleta saw a 4% sales increase to $290 million, with 5% comparable sales growth under new CEO Chris Blakeslee.



Read more at CNBC: Gap (GAP) Q3 2024 earnings