Gap Q2: net sales $3.55B (-8% YoY), gross margin +310bps, adj EPS $0.34; new CEO Richard Dickson

GAP INC

2023-Q2 EPS reported $0.27 revenue$6,824,000,000

Net sales $3.55B, down 8% YoY (includes 1pt FX headwind, 2pts from Gap China sale). Comparable sales down 6%.
Gross margin 37.6% expanded 310bps; merchandise margin up 410bps due to lower air freight and improved promo.
Adjusted operating income $119M (3.4% margin); adjusted diluted EPS $0.34. Reported net income $117M.
Cash $1.4B (+91% YoY); inventory down 29% to $2.23B; free cash flow $329M YTD; dividend $0.15/sh declared.
Bob Martin steps down as interim CEO; Richard Dickson named CEO. Martin stays Executive Chair through Oct 28.

item 2.02 item 5.02 item 9.01

Executive movements

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Role change

Bob L. Martin

Executive Chair

GAP · GAP INC

Effective: 2023-08-22
Filed: August 24, 2023, 7:59 PM ET

On August 22, 2023, in connection with his stepping down as interim Chief Executive Officer of the Company and continuing as Executive Chair of the Company's Board of Directors (the "Board") through October 28, 2023, the Company and Bob L. Martin entered into an amendment

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

GAP INC reported second quarter ended July 29, 2023 results: revenue $3.55 billion, net income $117 million, EPS $0.32.

Period: second quarter ended July 29, 2023
Revenue: $3.55 billion
Net income: $117 million
EPS: $0.32
Result: reported results

Exact text from the filing

the mixed economic and consumer environment in which we are operating and continue to plan the business prudently." Second Quarter Fiscal 2023 - Financial Results • Net sales of $3.55 billion, down 8% 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. ◦ Comparable

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Executive change SEC 8-K Item 5.02 confidence 0.95

Bob L. Martin changed role as Executive Chair at GAP INC.

Action: stepping down
Role: Executive Chair

Exact text from the filing

On August 22, 2023, in connection with his stepping down as interim Chief Executive Officer of the Company and continuing as Executive Chair of the Company's Board of Directors (the "Board") through October 28, 2023, the Company and Bob L. Martin entered into an amendment

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 0000039911-23-000104

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