Gap Inc. is refining both its digital and in-store channels as it works to reinvigorate its apparel brands. The parent company of Old Navy, Gap, Banana Republic and Athleta said this Thursday (Nov. 21) while reporting its third-quarter results. For the Old Navy brand, the company is delivering more clarity around pricing and a greater promotion of value through its in-store and online communications, Gap Inc. President and CEO Richard Dickson said Thursday (Nov. 21) during the company's quarterly earnings c ...

Core Viewpoint - The Gap, Inc. reported strong third-quarter fiscal 2024 results, with earnings and net sales exceeding expectations and showing year-over-year growth [1][3]. Financial Performance - Earnings per share reached 72 cents, surpassing the Zacks Consensus Estimate of 56 cents, and increased by 22% from the previous year's adjusted figure [1]. - Net sales rose by 2% year over year to $3.829 billion, exceeding the consensus estimate of $3.796 billion, marking the fourth consecutive quarter of growth [3]. - Comparable sales increased by 1% year over year, with notable performances from Old Navy, Gap, Banana Republic, and Athleta [3]. Brand Performance - Old Navy's net sales edged up 1% to $2.2 billion, with flat comparable sales year over year [5]. - Gap Global saw net sales grow 1% to $899 million, with comparable sales increasing by 3% [6]. - Banana Republic's net sales grew 2% to $469 million, while Athleta's net sales increased by 4% to $290 million, with both brands exceeding sales estimates [7]. Margins and Costs - Gross margin expanded by 140 basis points to 42.7%, exceeding the estimated adjusted gross margin of 41.8% [8]. - Operating margin increased by 250 basis points to 9.3%, the highest Q3 operating margin in seven years [9]. - Operating expenses remained flat year over year at $1.3 billion [11]. Financial Health - The company ended the quarter with cash and cash equivalents of $2 billion, a 45.7% increase from the previous year [12]. - Total stockholders' equity stood at $3.1 billion, with long-term debt of $1.5 billion [12]. - Cash generated from operating activities was $870 million, with free cash flow of $540 million [13]. Future Outlook - The company raised its outlook for fiscal 2024, projecting sales growth of 1.5-2% and gross margin expansion of at least 220 basis points [15][16]. - Operating income is expected to grow in the mid to high 60% range compared to the previous year's adjusted operating income of $606 million [17]. - The fiscal fourth quarter gross margin is anticipated to be similar year over year, excluding the impact of soft sales due to the absence of the 53rd week [18].

Shares of The Gap, Inc. (NYSE: GAP ) jumped 8% on Friday after the company reported strong quarterly results ahead of the important holiday shopping season. Shares are now up 26% over the past year, though there has been significant volatilityOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, just let me ...

KEY TAKEAWAYSShares of The Gap are surging in premarket trading Friday after the apparel retailer reported stronger-than-expected third-quarter results and boosted its full-year sales outlook.Gap CEO Richard Dickson said the holiday season is "off to a strong start."Gap shares are rising 15% in premarket trading. Shares of The Gap (GAP) are surging in premarket trading after the apparel retailer reported stronger-than-expected third-quarter results and boosted its full-year sales outlook. The company behind ...

Key TakeawaysGap shares soared in extended trading Thursday after the apparel retailer reported stronger-than-expected third-quarter results and raised its sales outlook.The shares look set to stage a decisive breakout above a descending triangle following the company’s strong earnings report, potentially leading to a continuation of the stock's uptrend.Investors should track key overhead price levels on Gap's chart around $27, $36, and $52, while monitoring a crucial support area near $20. Gap (GAP) shares ...

Gap (GAP) reported $3.83 billion in revenue for the quarter ended October 2024, representing a year-over-year increase of 1.7%. EPS of $0.72 for the same period compares to $0.59 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $3.8 billion, representing a surprise of +0.87%. The company delivered an EPS surprise of +28.57%, with the consensus EPS estimate being $0.56.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expec ...

Gap (GAP) came out with quarterly earnings of $0.72 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 28.57%. A quarter ago, it was expected that this clothing chain would post earnings of $0.39 per share when it actually produced earnings of $0.54, delivering a surprise of 38.46%.Over the last four quarters, the company has su ...

Exhibit 99.1 GAP INC. Gap Inc. Reports Third Quarter Fiscal 2024 Results, Raises Full Year Outlook Net sales increased 2% versus last year with comparable sales up 1% Operating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO – November 21, 2024 – Gap Inc. (NYSE: GAP), the largest specialty apparel company in the U.S. and a house of iconic brands inclu ...

People walk past an Old Navy store on Fulton Street on April 11, 2024 in Downtown Brooklyn in New York City.Hurricanes and unseasonably warm weather hit sales at Gap during its fiscal third quarter, but the apparel company still posted better than expected results, leading it to raise its annual guidance for a third time this year. Gap, which runs Old Navy, Banana Republic, Athleta and its namesake banner, is now expecting fiscal 2024 sales to be up between 1.5% and 2%, compared to previous guidance of "up ...

Net sales increased 2% versus last year with comparable sales up 1% Operating margin of 9.3% improved 270 basis points versus last yearMarket share gains across all brands in the quarterRaises outlook for fiscal 2024 net sales, gross margin and operating income growthSAN FRANCISCO, Nov. 21, 2024 /PRNewswire/ -- Gap Inc. (NYSE: GAP), 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 th ...