Gap Q1 net sales $3.28B down 6%; reported loss $0.05, adj EPS $0.01

GAP INC

2023-Q1 EPS reported -$0.05 revenue$3,276,000,000

Net sales $3.28B (-6% YoY); comparable sales -3%; online sales -9% to 37% of total.
Reported operating loss $10M; adjusted operating income $18M (0.5% margin) vs prior-year loss.
Adjusted diluted EPS $0.01, excluding $28M net charges from building gain and restructuring.
Inventory down 27% to $2.3B; cash up 38% to $1.2B; Q2 dividend $0.15/share maintained.
Old Navy and Gap Brand gained share; CEO search continues under interim CEO Bob Martin.

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 first quarter of fiscal 2023 ended April 29, 2023 results: revenue $3.28 billion, net income $18 million, EPS $0.05.

Period: first quarter of fiscal 2023 ended April 29, 2023
Revenue: $3.28 billion
Net income: $18 million
EPS: $0.05
Result: reported results

Exact text from the filing

passion, vision and an unwavering focus on the customer,” said Mayo Shattuck, Lead Independent Director, Gap Inc. First Quarter Fiscal 2023 – Financial Results • Net sales of $3.28 billion, down 6% compared to last year, inclusive of an estimated 1-point foreign exchange headwind and 2 percentage points of negative impact from the sale of Gap China. Net sales were

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Source: SEC EDGAR

accession 0000039911-23-000039

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