Financial Performance - Net sales for the first quarter of fiscal 2024 were $3.4 billion, an increase of 3% year-over-year, with comparable sales also up 3%[3] - Gross margin improved to 41.2%, reflecting a 410 basis point increase from the previous year[3] - Operating income for the quarter was $205 million, resulting in an operating margin of 6.1%[3] - Old Navy's net sales reached $1.9 billion, up 5% year-over-year, with comparable sales increasing by 3%[7] - Gap's net sales were $689 million, flat compared to last year, but comparable sales rose by 3%[8] - Athleta's net sales were $329 million, up 2% year-over-year, with comparable sales increasing by 5%[12] - Net income for the quarter was $158 million, compared to a net loss of $18 million in the same period last year[31] - Earnings per share (EPS) for the quarter were $0.42 (basic) and $0.41 (diluted), compared to a loss of $0.05 per share in the previous year[31] Guidance and Projections - The company raised its full-year fiscal 2024 guidance for net sales and operating income growth due to strong first-quarter results[13] - Projected full-year fiscal 2024 operating income growth is expected to be in the mid-40% range compared to the previous year's adjusted operating income of $606 million[15] Cash and Investments - Ending cash and short-term investments increased by 48% year-over-year to $1.7 billion[10] - Cash, cash equivalents, and restricted cash at the end of the period totaled $1.561 billion, down from $1.901 billion at the beginning of the period[32] - The company reported a net cash provided by operating activities of $30 million for the quarter, compared to $15 million in the prior year[32] - Free cash flow for the 13 weeks ended May 4, 2024, was $(63) million, an improvement from $(102) million in the same period last year[35] - Net cash provided by operating activities increased to $30 million for the 13 weeks ended May 4, 2024, compared to $15 million for the same period in 2023[35] Store Operations - The company operated a total of 2,554 company-operated stores as of May 4, 2024, down from 2,562 stores at the end of the previous quarter[41] - Old Navy North America opened 5 new stores and closed 4 stores during the 13 weeks ended May 4, 2024, resulting in a net increase of 1 store[41] - Total square footage of company-operated stores remained at 30.5 million as of May 4, 2024[41] Historical Performance - Fiscal year 2023 net sales reached $14.9 billion, marking a significant presence in the specialty apparel market[28] - For the 13 weeks ended May 4, 2024, net sales increased to $3.388 billion from $3.276 billion in the same period last year, representing a growth of 3.4%[31] - Gross profit for the same period was $1.397 billion, up from $1.214 billion, indicating a gross margin improvement[31] - Operating income for the 13 weeks ended May 4, 2024, was $205 million, a turnaround from an operating loss of $10 million in the prior year[31] Restructuring and Costs - The company incurred $4 million in restructuring costs during the first quarter of fiscal year 2023, impacting operating expenses[37] - Adjusted operating income for the first quarter of fiscal year 2023 was $18 million, reflecting a 0.5% operating margin[37] - The company is focused on expanding its market presence and enhancing product offerings to drive future growth[28]

A Gap store in New York, US, on Monday, May 27, 2024. Gap Inc. is scheduled to release earnings figures on May 30.Gap posted positive comparable sales at all four of its brands on Thursday, leading the apparel giant to raise its full year guidance as CEO Richard Dickson's turnaround strategy starts to take effect. The retailer behind Gap, Banana Republic, Athleta and Old Navy blew past earnings estimates and beat on revenue, too. Here's how Gap did compared with what Wall Street was anticipating, based on a ...

Net sales increased 3% versus last year with market share gains for the 5th consecutive quarter Comparable sales were positive at all four brands in the portfolioOperating margin expansion reflects improvement in gross margin and operating expenseSAN FRANCISCO, May 30, 2024 /PRNewswire/ -- Gap Inc. (NYSE: GPS), the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its first quarter ended May ...

Clothing retailer Gap Inc (NYSE:GPS) will step into the earnings confessional after the close today. Wall Street expects the company's first-quarter results to reveal insights into how American consumers are spending going into the summer season.Ahead of the event, Gap stock was last seen 3.4% higher to trade at $22.36. The shares recently fell from a more than two-year high of $28.59, but just bounced back above recent resistance at their 40-day moving average. Longer term, GPS sports a 178.1% year-over-ye ...

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potenti ...

SHANGHAI, CHINA - APRIL 11, 2024 - Citizens pass a newly opened GAP store at Nanjing Road Pedestrian ... [+] Street in Shanghai, China, April 11, 2024. (Photo credit should read CFOTO/Future Publishing via Getty Images)Future Publishing via Getty ImagesGap Inc. stock (NYSE: GPS), a specialty retailer selling casual apparel, accessories, and personal care products for men, women, and children under the Gap Gap , Old Navy, and Banana Republic brands, is scheduled to report its first-quarter results on Thursda ...

The Gap, Inc. (GPS) is expected to register top and bottom-line growth when it reports first-quarter fiscal 2024 results on May 29, after the closing bell.The Zacks Consensus Estimate for the fiscal first-quarter bottom line is pegged at 14 cents per share, suggesting significant growth from earnings of 1 cent reported in the year-ago quarter. The consensus estimate for the fiscal first-quarter earnings has moved up 16.7% in the past 30 days. For revenues, the consensus mark is pegged at $3.3 billion, indic ...

Analysts on Wall Street project that Gap (GPS) will announce quarterly earnings of $0.14 per share in its forthcoming report, representing an increase of 1300% year over year. Revenues are projected to reach $3.28 billion, increasing 0.1% from the same quarter last year.Over the last 30 days, there has been an upward revision of 1.9% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over th ...

Three more retail sector stocks have made their way onto the Zacks Rank #1 (Strong Buy) list this week and now looks like an ideal time to invest considering their favorable outlook.Better still, here’s a look at why these new additions to the strong buy list may be poised for a sharp rebound.Signet Jewelers (SIG) April's better than expected CPI (Consumer Price Index) data is a nod to the notion that the strong price performance of Signet Jewelers stock could resume. Despite dipping -6% year to date, Signe ...

The latest trading session saw Gap (GPS) ending at $21.49, denoting a +1.27% adjustment from its last day's close. This move outpaced the S&P 500's daily gain of 0.25%. Meanwhile, the Dow experienced a rise of 0.17%, and the technology-dominated Nasdaq saw an increase of 0.23%.The the stock of clothing chain has risen by 2.27% in the past month, lagging the Retail-Wholesale sector's gain of 6.04% and the S&P 500's gain of 7.08%.The upcoming earnings release of Gap will be of great interest to investors. The ...