secwatch.observer — SEC 8-K summary
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Issuer:     GAP INC (GAP)
CIK:        0000039911
Form:       8-K
Filed at:   2022-08-25T23:59:59+00:00
Accession:  0000039911-22-000070
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39911/000003991122000070/0000039911-22-000070-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39911/000003991122000070/gps-20220825.htm
  HTML page:      https://secwatch.observer/filing/0000039911-22-000070

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer