secwatch.observer — SEC 8-K summary
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Issuer:     GAP INC (GAP)
CIK:        0000039911
Form:       8-K
Filed at:   2022-05-26T23:59:59+00:00
Accession:  0000039911-22-000034
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39911/000003991122000034/0000039911-22-000034-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39911/000003991122000034/gps-20220526.htm
  HTML page:      https://secwatch.observer/filing/0000039911-22-000034

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