Gap Q4 net loss $273M; FY22 loss $202M; eliminates two exec roles; $550M savings identified

GAP INC

2022-FY EPS reported -$0.55 revenue$15,616,000,000

Q4 net sales $4.24B down 6% YoY; comparable sales down 5%; diluted loss per share $0.75.
Full year net sales $15.6B down 6%; adjusted diluted loss per share $0.40; gross margin 34.3% (adjusted 35.0%).
Company identified $550M in annualized savings from cost structure optimization.
Eliminated Chief Growth Officer role (Asheesh Saksena) and Athleta CEO Mary Beth Laughton depart, effective March 9, 2023.
Board nearing selection of new CEO for Gap Inc.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Asheesh Saksena

Chief Growth Officer

GAP · GAP INC

Effective: 2023-03-09
Filed: March 9, 2023, 6:59 PM ET

the Company has decided to eliminate Asheesh Saksena's role as the Company's Chief Growth Officer, effective March 9, 2023.

Departed

Mary Beth Laughton

President and Chief Executive Officer of Athleta

GAP · GAP INC

Effective: 2023-03-09
Filed: March 9, 2023, 6:59 PM ET

Mary Beth Laughton, a named executive officer of the Company, will be leaving her role as President and Chief Executive Officer of Athleta, effective March 9, 2023.

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 the fourth quarter and fiscal year ended January 28, 2023 results: revenue $4.24 billion, net income Net loss of $273 million; diluted loss per share of $0.75.

Period: the fourth quarter and fiscal year ended January 28, 2023
Revenue: $4.24 billion
Net income: Net loss of $273 million; diluted loss per share of $0.75
Result: reported results

Exact text from the filing

this will provide our new leader with a quicker ramp in driving consistent, profitable growth over the long term." Fourth Quarter Fiscal 2022 - Financial Results • Net sales of $4.24 billion, down 6% compared to last year, inclusive of an estimated 1-point foreign exchange headwind. Net sales were in-line with the company’s expectations for mid-single digit declines

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Asheesh Saksena departed as Chief Growth Officer at GAP INC.

Action: eliminated
Role: Chief Growth Officer

Exact text from the filing

the Company has decided to eliminate Asheesh Saksena's role as the Company's Chief Growth Officer, effective March 9, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Mary Beth Laughton departed as President and Chief Executive Officer of Athleta at GAP INC.

Action: leaving
Role: President and Chief Executive Officer of Athleta

Exact text from the filing

Mary Beth Laughton, a named executive officer of the Company, will be leaving her role as President and Chief Executive Officer of Athleta, effective March 9, 2023.

View on SEC.gov

20 earnings releases filed in the last 30 days. Browse all earnings releases →

GAP INC filing history →

Source: SEC EDGAR

accession 0000039911-23-000007

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