---
schema_version: "secwatch.filing_event.v1"
accession: "0000039911-23-000104"
form_type: "8-K"
ticker: "GAP"
cik: "0000039911"
company_name: "GAP INC"
filed_at: "2023-08-24T23:59:59+00:00"
generated_at: "2026-06-11T04:24:58.847996+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000039911-23-000104
- form_type: 8-K
- ticker: GAP
- cik: 0000039911
- company_name: GAP INC
- filed_at: 2023-08-24T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/39911/000003991123000104/0000039911-23-000104-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/39911/000003991123000104/gps-20230822.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000039911-23-000104
- JSON: https://secwatch.observer/filing/0000039911-23-000104.json
- Plain text: https://secwatch.observer/filing/0000039911-23-000104.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/39911/000003991123000104/0000039911-23-000104-index.htm
- Executive change
  Bob L. Martin changed role as Executive Chair at GAP INC.
  - Action: stepping down
  - Role: Executive Chair
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/39911/000003991123000104/0000039911-23-000104-index.htm

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