earnings
confidence high
sentiment positive
materiality 0.75
Gap Inc. Q1 net sales up 3% to $3.4B; raises full-year guidance
GAP INC
2024-Q1 EPS reported
$0.41
revenue$3,388,000,000
- Net sales of $3.4B, up 3% YoY; comparable sales up 3% with positive comps at all four brands.
- Gross margin 41.2%, up 410 bps YoY; merchandise margin up 340 bps driven by lower commodity costs.
- Operating income $205M with operating margin of 6.1%; net income $158M, diluted EPS $0.41.
- Ending inventory down 15% to $1.95B; cash and short-term investments $1.7B, up 48% YoY.
- Raised full-year sales and operating income guidance reflecting Q1 outperformance.