Gap Inc. Q3 net sales $3.8B (-7% YoY); adjusted EPS $0.59; gross margin up 390 bps

GAP INC

2023-Q3 EPS reported $0.85 revenue$10,591,000,000

Net sales $3.8B (-7% YoY, incl. ~2pp negative from Gap China sale); comparable sales -2%.
Gross margin 41.3% (+390 bps reported); merchandise margin +460 bps; inventory -22% YoY.
Reported net income $218M ($0.58 diluted EPS); adjusted net income $221M ($0.59 adjusted EPS).
Adjusted operating income $255M (6.8% margin) excludes $5M restructuring; operating margin improved.
Cash and equivalents $1.4B (+99% YoY); free cash flow YTD $544M; Q4 dividend $0.15/share maintained.

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 1.0

GAP INC reported third quarter ended October 28, 2023 results: revenue $3.8 billion, net income $218 million, EPS $0.58.

Period: third quarter ended October 28, 2023
Revenue: $3.8 billion
Net income: $218 million
EPS: $0.58
Result: reported results

Exact text from the filing

and reviving our culture for success,” said Gap Inc. President and Chief Executive Officer, Richard Dickson. Third Quarter Fiscal 2023 – Financial Results • Net sales of $3.8 billion, down 7% compared to last year, inclusive of an estimated 2 percentage points of negative impact from the sale of Gap China. ◦ Comparable sales were down 2%. ◦ Store sales

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Source: SEC EDGAR

accession 0000039911-23-000130

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