secwatch.observer — SEC 8-K summary
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Issuer:     GAP INC (GAP)
CIK:        0000039911
Form:       8-K
Filed at:   2023-05-25T23:59:59+00:00
Accession:  0000039911-23-000039
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39911/000003991123000039/0000039911-23-000039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39911/000003991123000039/gps-20230525.htm
  HTML page:      https://secwatch.observer/filing/0000039911-23-000039

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