---
schema_version: "secwatch.filing_event.v1"
accession: "0000039911-23-000039"
form_type: "8-K"
ticker: "GAP"
cik: "0000039911"
company_name: "GAP INC"
filed_at: "2023-05-25T23:59:59+00:00"
generated_at: "2026-06-14T15:06:05.681735+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000039911-23-000039
- form_type: 8-K
- ticker: GAP
- cik: 0000039911
- company_name: GAP INC
- filed_at: 2023-05-25T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/39911/000003991123000039/0000039911-23-000039-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/39911/000003991123000039/gps-20230525.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000039911-23-000039
- JSON: https://secwatch.observer/filing/0000039911-23-000039.json
- Plain text: https://secwatch.observer/filing/0000039911-23-000039.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/39911/000003991123000039/0000039911-23-000039-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.