Gap Inc. Q1 net loss $162M; revenue -13%; Old Navy comps -22%; FY outlook cut

GAP INC

2022-Q1 EPS reported -$0.44 revenue$3,477,000,000

Net loss $162M ($0.44 diluted loss per share); net sales $3.5B, down 13% from last year.
Comparable sales down 14%; Old Navy -22%, Gap -11%, Banana Republic +27%, Athleta -7%.
Gross margin 31.5% (down 930 bps); inventory +34% to $3.2B; free cash flow -$590M.
FY2022 outlook: revenue decline low-mid single digits; reported EPS $0.40-$0.70; adjusted EPS $0.30-$0.60.
CEO cites Old Navy execution challenges and macro headwinds; confident in long-term strategy.

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