Gap Inc. Q3 net sales $4.04B (+2% YoY); adjusted EPS $0.71; margins compress, inventory up 12%

GAP INC

2022-Q3 EPS reported $0.19 revenue$11,373,000,000

Net sales $4.04B (+2% YoY); comparable sales +1%.
Reported gross margin 37.4%; adjusted gross margin 38.7%, down 320 bps YoY.
Adjusted operating income $156M (3.9% margin); includes $83M gain on sale of UK DC and $53M Yeezy Gap impairment.
Adjusted diluted EPS $0.71 (includes $0.33 tax benefit); reported EPS $0.77.
Inventory $3.04B (+12% YoY); free cash flow -$689M YTD; quarterly dividend $0.15/share maintained.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

GAP INC reported third quarter of fiscal 2022 ended October 29, 2022 results: revenue $4.04 billion, net income $282 million, EPS $0.77.

Period: third quarter of fiscal 2022 ended October 29, 2022
Revenue: $4.04 billion
Net income: $282 million
EPS: $0.77
Result: reported results

Exact text from the filing

employees and shareholders expect from Gap Inc.” said Bob Martin, Executive Chairman and Interim CEO, Gap Inc. Third Quarter Fiscal 2022 - Financial Results • Net sales of $4.04 billion, up 2% compared to last year. Comparable sales were up 1% year-over-year. ◦ Online sales increased 5% compared to last year and represented 39% of total net sales. ◦ Store sales

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Source: SEC EDGAR

accession 0000039911-22-000089

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