---
schema_version: "secwatch.filing_event.v1"
accession: "0000039911-23-000130"
form_type: "8-K"
ticker: "GAP"
cik: "0000039911"
company_name: "GAP INC"
filed_at: "2023-11-16T23:59:59+00:00"
generated_at: "2026-06-08T01:37:04.366677+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000039911-23-000130
- form_type: 8-K
- ticker: GAP
- cik: 0000039911
- company_name: GAP INC
- filed_at: 2023-11-16T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- 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/39911/000003991123000130/0000039911-23-000130-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/39911/000003991123000130/gps-20231116.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000039911-23-000130
- JSON: https://secwatch.observer/filing/0000039911-23-000130.json
- Plain text: https://secwatch.observer/filing/0000039911-23-000130.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/39911/000003991123000130/0000039911-23-000130-index.htm

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