Gap Inc. posts Q2 net loss of $49M; sales down 8%, inventory up 37%

GAP INC

2022-Q2 EPS reported -$0.57 revenue$7,334,000,000

Bob Martin (Executive Chairman) named Interim President & CEO; search for permanent CEO underway.
Net sales $3.86B, down 8% YoY; comparable sales down 10%.
Reported operating loss $28M; adjusted operating income $65M; gross margin down 730bps.
Inventory $3.1B, up 37%; $58M inventory impairment charge.
Diluted loss per share $0.13; adjusted EPS $0.08; transitory air freight impact $0.10.

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