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    Gap Inc. Reports Second Quarter Fiscal 2024 Results, Provides Updated Full Year Outlook

    8/29/24 11:12:00 AM ET
    $GAP
    $GPS
    Clothing/Shoe/Accessory Stores
    Consumer Discretionary
    Clothing/Shoe/Accessory Stores
    Consumer Discretionary
    Get the next $GAP alert in real time by email

    Net sales increased 5% versus last year with market share gains for the 6th consecutive quarter

    Comparable sales were up 3% driven by strength at Old Navy and Gap

    Operating margin of 7.9% improved 490 basis points versus last year

    Increases outlook for fiscal 2024 gross margin and operating income growth 

    SAN FRANCISCO, Aug. 29, 2024 /PRNewswire/ -- Gap Inc. (NYSE:GAP), the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its second quarter ended August 3, 2024.

    "Gap Inc. delivered another successful quarter, exceeding financial expectations and gaining market share for the 6th consecutive quarter," said President and Chief Executive Officer, Richard Dickson. "In comparison to where we were only one year ago, we are in a stronger position across key metrics that matter – including net sales, margins, and our cash position – and we are making consistent progress in the reinvigoration of our brands. These results are a reflection of the dedication and collaboration of our global team, reinforcing my confidence that we are well on our way to unlocking the full potential of this extraordinary portfolio of iconic American brands."

    Second Quarter Fiscal 2024 – Financial Results

    • Net sales of $3.7 billion were up 5% compared to last year. Comparable sales were up 3% year-over-year. Due to the 53rd week in fiscal 2023, in order to maintain consistency, comparable sales for the second quarter of fiscal 2024 are compared to the 13 weeks ended August 5, 2023.
      • Store sales increased 4% compared to last year. The company ended the quarter with 3,568 store locations in about 40 countries, of which 2,541 were company operated.
      • Online sales increased 7% compared to last year and represented 33% of total net sales.
    • Gross margin of 42.6% increased 500 basis points versus last year's gross margin.
      • Merchandise margin increased 410 basis points versus last year primarily driven by a benefit from lower commodity costs, incremental sales in the quarter related to the company's revenue sharing agreement with its credit card partner, as well as improved promotional activity.
      • Rent, occupancy, and depreciation (ROD) as a percent of sales leveraged 90 basis points versus last year.
    • Operating expense was $1.3 billion.
    • Operating income was $293 million; operating margin of 7.9%.
    • The effective tax rate of 30% included the impact of adjusting certain income tax reserves.
    • Net income of $206 million; diluted earnings per share of $0.54.

     Balance Sheet and Cash Flow Highlights

    • Ended the quarter with cash, cash equivalents and short-term investments of $2.1 billion, an increase of 59% from the prior year.
    • Net cash from operating activities was $579 million. Free cash flow, defined as net cash from operating activities less purchases of property and equipment, was $397 million.
    • Ending inventory of $2.11 billion was down 5% compared to last year.
    • Capital expenditures were $182 million.
    • Paid a second quarter dividend of $0.15 per share, totaling $56 million. The company's Board of Directors approved a third quarter fiscal 2024 dividend of $0.15 per share.

    Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period.

    Second Quarter Fiscal 2024 – Global Brand Results

    Comparable Sales



    Second Quarter



    2024



    2023

    Old Navy

    5 %



    (6) %

    Gap

    3 %



    (1) %

    Banana Republic

    — %



    (8) %

    Athleta

    (4) %



    (7) %

    Gap Inc.

    3 %



    (6) %

    Old Navy:

    • Second quarter net sales of $2.1 billion were up 8% compared to last year. Comparable sales were up 5%. This represents the fourth consecutive quarter of positive comparable sales at the brand as its continued focus on operational rigor is driving improved consistency in performance.

    Gap:

    • Second quarter net sales of $766 million were up 1% compared to last year. Comparable sales were up 3% representing the third consecutive quarter of positive comparable sales at the brand. Gap's reinvigoration efforts have helped drive market share gains at the brand for the past five quarters.

    Banana Republic:

    • Second quarter net sales of $479 million were flat compared to last year. Comparable sales were also flat. The brand continues to focus on fixing the fundamentals and is actively working to improve its pricing and assortment architecture.

    Athleta:

    • Second quarter net sales of $338 million were down 1% compared to last year. Comparable sales were down 4%. The company expects Athleta to return to positive comparable sales growth for the remainder of the year.

    Fiscal 2024 Outlook

    As a result of its strong second quarter results, the company is reaffirming its net sales and operating expense outlook for fiscal 2024 and increasing its outlook for gross margin and operating income growth compared to prior expectations. This outlook takes into consideration the unchanged and continued uncertain consumer and macro environment.

    Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building.

    Full Year Fiscal 2024



    Current FY 2024 Outlook



    Prior FY 2024 Outlook



    FY 2023 Results

    Net sales

    Up slightly on a

    52-week basis



    Up slightly on a

    52-week basis



    $14.9 billion

    Gross margin

    Approximately

    200 bps expansion



    At least 150 bps expansion



    38.8 %

    Operating expense

    Approximately

    $5.1 billion



    Approximately

    $5.1 billion



    $5.17 billion (adjusted)1

    Operating income

    Mid to High

    50% growth range



    Mid 40% growth range



    $606 million (adjusted)

    Effective tax rate

    Approximately 28%



    Approximately 28%



    9.7 %

    Capital expenditures

    Approximately

    $500 million



    Approximately

    $500 million



    $420 million

    1 Fiscal year 2023 adjusted operating expense of $5.17 billion excludes $89 million in restructuring costs and a $47 million gain on sale.

    Third Quarter Fiscal 2024



    Q3 2024 Outlook



    Q3 2023 Results

    Net sales

    Up slightly



    $3.77 billion

    Gross margin

    50 to 75 bps expansion



    41.3 %

    Operating expense

    Approximately $1.3 billion



    $1.3 billion

    Webcast and Conference Call Information

    Whitney Notaro, Head of Investor Relations at Gap Inc., will host a conference call to review the company's second quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell.

    A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com. A replay of the webcast will be available at the same location. 

    Non-GAAP Disclosure

    This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release.

    The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income.

    The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles.

    Forward-Looking Statements

    This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: unlocking our full potential; our four strategic priorities including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; leaning into denim through in-store and online experiences and new campaigns; Old Navy's strength and operational rigor; repeating creative expressions that leverage our heritage, are rooted in music and dance, and declare a trend statement; our progress in revitalizing Gap brand; transitioning Banana Republic into a stronger brand; Athleta's growth potential; expected comparable sales at Athleta for the remainder of 2024; our marketing strategy evolution; becoming a digital-first, high-performing apparel company; our mission, purpose, vision, and values energizing and defining our company; our strategic transformation; executing with excellent in the second half of 2024; delivering consistent results, generating sustainable and profitable growth, and delivering long-term shareholder value; expected third quarter 2024 inventory; maintaining inventory discipline; our dividend policy; expected 2024 net sales; the expected impacts of the loss of the 53rd week and timing shifts on net sales and ROD in 2024; expected gross margin in 2024; expected commodity costs in 2024; the expected impact of managing inventory in 2024; expected ROD in 2024; expected SG&A in 2024 and in the third and fourth quarters of 2024; the expected impacts of savings actions in 2024; identifying the next phase of savings actions to drive value creation; expected operating income growth in 2024; expected third quarter 2024 net sales; expected third quarter 2024 gross margin; expected promotional activity in the third quarter of 2024; our expected effective tax rate in 2024; and expected capital expenditures in 2024.

    Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia-Ukraine and Israel-Hamas conflicts and upcoming elections in the United States, and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh, and disruptions to global trade and shipping capacity, including in the Red Sea; the highly competitive nature of our business in the United States and internationally; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; evolving regulations and expectations with respect to ESG matters, including climate reporting; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia-Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information.

    Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024, as well as our subsequent filings with the Securities and Exchange Commission.

    These forward-looking statements are based on information as of August 29, 2024. We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. 

    About Gap Inc.

    Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy, Gap, Banana Republic, and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion. For more information, please visit www.gapinc.com.

    Investor Relations Contact:

    Nina Bari

    [email protected]

    Media Relations Contact:

    Megan Foote

    [email protected]

     

    The Gap, Inc.







    CONDENSED CONSOLIDATED BALANCE SHEETS







    UNAUDITED























    ($ in millions)

    August 3,

    2024



    July 29,

    2023

    ASSETS















    Current assets:







    Cash and cash equivalents

    $             1,900



    $          1,350

    Short-term investments

    246



    -

    Merchandise inventory

    2,107



    2,226

    Other current assets

    556



    663

    Total current assets

    4,809



    4,239

    Property and equipment, net of accumulated depreciation

    2,525



    2,595

    Operating lease assets

    3,185



    3,113

    Other long-term assets

    990



    903

    Total assets

    $           11,509



    $        10,850

















    LIABILITIES AND STOCKHOLDERS' EQUITY







    Current liabilities:







    Accounts payable

    $             1,522



    $          1,406

    Accrued expenses and other current liabilities

    1,029



    1,007

    Current portion of operating lease liabilities

    613



    578

    Income taxes payable

    60



    16

    Total current liabilities

    3,224



    3,007

    Long-term liabilities:







    Revolving credit facility

    -



    150

    Long-term debt

    1,489



    1,487

    Long-term operating lease liabilities

    3,357



    3,433

    Other long-term liabilities

    538



    510

    Total long-term liabilities

    5,384



    5,580

    Total stockholders' equity

    2,901



    2,263

    Total liabilities and stockholders' equity

    $           11,509



    $        10,850

     

    The Gap, Inc.















    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS















    UNAUDITED













































    13 Weeks Ended



    26 Weeks Ended

    ($ and shares in millions except per share amounts)

    August 3,

    2024



    July 29,

    2023



    August 3,

    2024



    July 29,

    2023

    Net sales

    $             3,720



    $          3,548



    $             7,108



    $          6,824

    Cost of goods sold and occupancy expenses

    2,137



    2,215



    4,128



    4,277

    Gross profit

    1,583



    1,333



    2,980



    2,547

    Operating expenses

    1,290



    1,227



    2,482



    2,451

    Operating income

    293



    106



    498



    96

    Interest, net

    (3)



    (2)



    (6)



    8

    Income before income taxes

    296



    108



    504



    88

    Income tax expense (benefit)

    90



    (9)



    140



    (11)

    Net income

    $                206



    $             117



    $                364



    $               99























    Weighted-average number of shares - basic

    376



    369



    375



    368

    Weighted-average number of shares - diluted

    383



    371



    383



    372























    Earnings per share - basic

    $               0.55



    $            0.32



    $               0.97



    $            0.27

    Earnings per share - diluted

    $               0.54



    $            0.32



    $               0.95



    $            0.27

     

    The Gap, Inc.







    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS







    UNAUDITED





































    26 Weeks Ended

    ($ in millions)

    August 3,

    2024 (a)



    July 29,

    2023 (a)

    Cash flows from operating activities:







    Net income

    $      364



    $      99

    Depreciation and amortization

    247



    267

    Gain on sale of building

    -



    (47)

    Change in merchandise inventory

    (118)



    160

    Change in accounts payable

    155



    104

    Change in accrued expenses and other current liabilities

    (88)



    (76)

    Change in income taxes payable, net of receivables and other tax-related items

    61



    5

    Other, net

    (42)



    16

    Net cash provided by operating activities

    579



    528



















    Cash flows from investing activities:







    Purchases of property and equipment

    (182)



    (199)

    Net proceeds from sale of buildings

    -



    76

    Purchases of short-term investments

    (276)



    -

    Proceeds from sales and maturities of short-term investments

    33



    -

    Proceeds from divestiture activity

    -



    11

    Net cash used for investing activities

    (425)



    (112)



















    Cash flows from financing activities:







    Repayments of revolving credit facility

    -



    (200)

    Proceeds from issuances under share-based compensation plans

    21



    13

    Withholding tax payments related to vesting of stock units

    (33)



    (11)

    Cash dividends paid

    (112)



    (111)

    Net cash used for financing activities

    (124)



    (309)



















    Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash

    (2)



    (2)

    Net increase in cash, cash equivalents, and restricted cash

    28



    105

    Cash, cash equivalents, and restricted cash at beginning of period

    1,901



    1,273

    Cash, cash equivalents, and restricted cash at end of period

    $   1,929



    $ 1,378

    _________________

    (a) For the twenty-six weeks ended August 3, 2024 and July 29, 2023, total cash, cash equivalents, and restricted cash includes $29 million and $28 million, respectively, of restricted cash recorded within other long-term assets on the Condensed Consolidated Balance Sheets.

     

    The Gap, Inc.





    NON-GAAP FINANCIAL MEASURES





    UNAUDITED

















    FREE CASH FLOW























    Free cash flow is a non-GAAP financial measure. We believe free cash flow is an important metric because it represents a

    measure of how much cash a company has available for discretionary and non-discretionary items after the deduction of

    capital expenditures. We require regular capital expenditures including technology improvements as well as building and

    maintaining our stores and distribution centers. We use this metric internally, as we believe our sustained ability to

    generate free cash flow is an important driver of value creation. However, this non-GAAP financial measure is not

    intended to supersede or replace our GAAP results.



















    26 Weeks Ended

    ($ in millions)

    August 3,

    2024



    July 29,

    2023

    Net cash provided by operating activities

    $                579



    $             528

    Less: Purchases of property and equipment

    (182)



    (199)

    Free cash flow

    $                397



    $             329

     

    The Gap, Inc.

    NON-GAAP FINANCIAL MEASURES

    UNAUDITED

































    ADJUSTED STATEMENT OF OPERATIONS METRICS FOR THE SECOND QUARTER OF FISCAL YEAR 2023

































    The following adjusted statement of operations metrics are non-GAAP financial measures. These measures are provided to enhance visibility into the Company's

    underlying results for the period excluding the impact of restructuring costs. Management believes the adjusted metrics are useful for the assessment of ongoing

    operations as we believe the adjusted items are not indicative of our ongoing operations, and provide additional information to investors to facilitate the comparison

    of results against past and future years. However, these non-GAAP financial measures are not intended to supersede or replace the GAAP measures.







    Operating

    Expenses



    Operating

    Expenses as a %

    of Net Sales



    Operating

    Income



    Operating

    Margin (b)



    Income Tax

    Expense

    (Benefit)



    Net Income



    Earnings per

    Share -


    Diluted (b)

    ($ in millions)



    13 Weeks Ended July 29, 2023

















    GAAP metrics, as reported





    $                 1,227



    34.6 %



    $                    106



    3.0 %



    $                       (9)



    $                    117



    $                   0.32

    Adjustments for:































    Restructuring costs (a)





    (13)



    (0.4) %



    13



    0.4 %



    3



    10



    0.03

    Non-GAAP metrics





    $                 1,214



    34.2 %



    $                    119



    3.4 %



    $                       (6)



    $                    127



    $                   0.34

    _________________

    (a) Includes $3 million of employee-related costs and $10 million of consulting and other associated costs related to our previously announced actions to further simplify and optimize our operating model and structure.

    (b) Earnings per share was computed individually for each line item; therefore, the sum of the individual lines may not equal the total.

     

    The Gap, Inc.

























    NET SALES RESULTS

























    UNAUDITED





















































    The following table details the Company's second quarter fiscal year 2024 and 2023 net sales (unaudited):





























    ($ in millions)





    Old Navy

    Global



    Gap Global



    Banana

    Republic

    Global



    Athleta

    Global



    Other (2)



    Total

    13 Weeks Ended August 3, 2024













    U.S. (1)





    $        1,953



    $          579



    $           414



    $           327



    $             14



    $        3,287

    Canada





    159



    77



    43



    10



    -



    289

    Other regions





    11



    110



    22



    1



    -



    144

    Total





    $        2,123



    $          766



    $           479



    $           338



    $             14



    $        3,720





























    ($ in millions)





    Old Navy

    Global



    Gap Global



    Banana

    Republic

    Global



    Athleta

    Global



    Other (2)



    Total

    13 Weeks Ended July 29, 2023













    U.S. (1)





    $        1,777



    $          542



    $           415



    $           327



    $             11



    $        3,072

    Canada





    165



    76



    44



    13



    -



    298

    Other regions





    19



    137



    21



    1



    -



    178

    Total





    $        1,961



    $          755



    $           480



    $           341



    $             11



    $        3,548

    _________________

    (1) U.S. includes the United States and Puerto Rico.

    (2) Primarily consists of net sales from revenue-generating strategic initiatives.

     

    The Gap, Inc.

















    REAL ESTATE





































    Store count, openings, closings, and square footage for our stores are as follows:























    February 3, 2024



    26 Weeks Ended August 3, 2024



    August 3, 2024



    Number of

    Store Locations



    Number of

    Stores


    Opened



    Number of

    Stores


    Closed



    Number of

    Store Locations



    Square Footage

    (in millions)





















    Old Navy North America

    1,243



    10



    5



    1,248



    19.8

    Gap North America

    472



    1



    13



    460



    4.9

    Gap Asia

    134



    -



    7



    127



    1.1

    Banana Republic North America

    400



    1



    8



    393



    3.3

    Banana Republic Asia

    43



    1



    2



    42



    0.2

    Athleta North America

    270



    2



    1



    271



    1.1

    Company-operated stores total

    2,562



    15



    36



    2,541



    30.4

    Franchise

    998



    81



    52



    1,027



    N/A

    Total

    3,560



    96



    88



    3,568



    30.4

     

    Gap Inc. Logo (PRNewsfoto/Gap Inc.)

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/gap-inc-reports-second-quarter-fiscal-2024-results-provides-updated-full-year-outlook-302234195.html

    SOURCE Gap Inc.

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    Gap Inc.
    $GAP
    4/30/2025$24.00Overweight → Equal Weight
    Wells Fargo
    Gap Inc.
    $GAP
    1/21/2025$27.00Hold → Buy
    Argus
    Gap Inc.
    $GAP
    1/10/2025$16.00 → $26.00Sell → Neutral
    UBS
    Gap Inc.
    $GAP
    12/2/2024$28.00 → $30.00Neutral → Overweight
    Analyst
    Gap Inc.
    $GAP
    8/30/2024$29.00 → $26.00Market Perform
    Telsey Advisory Group
    Gap Inc.
    $GPS
    7/31/2024$18.50 → $25.00Underperform → Neutral
    BofA Securities
    Gap Inc.
    $GPS
    7/18/2024$27.00 → $29.00Equal-Weight → Overweight
    Morgan Stanley
    Gap Inc.
    $GPS
    6/25/2024$28.00 → $30.00Hold → Buy
    TD Cowen
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    $GAP
    $GPS
    Financials

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    • Gap Inc. to Report First Quarter Fiscal 2025 Results on May 29

      SAN FRANCISCO, May 8, 2025 /PRNewswire/ -- Gap Inc. (NYSE:GAP) will report its first quarter fiscal 2025 financial results by press release on May 29, 2025, at approximately 1:15 p.m. Pacific Time. In addition, the company will host a conference call to review its first quarter fiscal 2025 results on Thursday, May 29, 2025, beginning at approximately 2:00 p.m. Pacific Time. A live webcast of the conference call will be available online at investors.gapinc.com. A replay of the webcast will be available at the same location. About Gap Inc.Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy, Gap, Banana Republic, and Athleta brands offer clothin

      5/8/25 4:15:00 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Gap Inc. Reports Fourth Quarter and Fiscal 2024 Results; Provides Fiscal 2025 Outlook

      2024 net sales increased 1% versus last year with comparable sales up 3% All four brands gained market share in the year Full year operating income of $1.1 billion grew over 80% versus last year Generated $1.5 billion in operating cash flow for the year SAN FRANCISCO, March 6, 2025 /PRNewswire/ -- Gap Inc. (NYSE:GAP), the largest specialty apparel company in the U.S., with a portfolio of brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its fourth quarter and fiscal year ended February 1, 2025. "We ended the year delivering another successful quarter, exceeding financial expectations and gaining market share for the 8th consecutive quarter," s

      3/6/25 4:19:00 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Gap Inc. Announces 10 Percent Increase to First Quarter Dividend

      SAN FRANCISCO, Feb. 25, 2025 /PRNewswire/ -- Gap Inc. (NYSE:GAP) today announced that its board of directors has authorized a first quarter fiscal year 2025 dividend of $0.165 per share, payable on or after April 30, 2025, to shareholders of record at the close of business on April 9, 2025. The first quarter fiscal year 2025 dividend represents an increase of 10 percent compared to the fourth quarter of fiscal year 2024. About Gap Inc.Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy, Gap, Banana Republic, and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created pro

      2/25/25 5:01:00 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary

    $GAP
    $GPS
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    • Gap downgraded by Wells Fargo with a new price target

      Wells Fargo downgraded Gap from Overweight to Equal Weight and set a new price target of $24.00

      4/30/25 8:07:26 AM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Gap upgraded by Argus with a new price target

      Argus upgraded Gap from Hold to Buy and set a new price target of $27.00

      1/21/25 7:49:06 AM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Gap upgraded by UBS with a new price target

      UBS upgraded Gap from Sell to Neutral and set a new price target of $26.00 from $16.00 previously

      1/10/25 7:52:13 AM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Gap Inc. to Report First Quarter Fiscal 2025 Results on May 29

      SAN FRANCISCO, May 8, 2025 /PRNewswire/ -- Gap Inc. (NYSE:GAP) will report its first quarter fiscal 2025 financial results by press release on May 29, 2025, at approximately 1:15 p.m. Pacific Time. In addition, the company will host a conference call to review its first quarter fiscal 2025 results on Thursday, May 29, 2025, beginning at approximately 2:00 p.m. Pacific Time. A live webcast of the conference call will be available online at investors.gapinc.com. A replay of the webcast will be available at the same location. About Gap Inc.Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy, Gap, Banana Republic, and Athleta brands offer clothin

      5/8/25 4:15:00 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • ZAC POSEN UNVEILS CUSTOM DESIGN MADE IN THE GAP STUDIO FOR LAURA HARRIER AT THE MET GALA

      A Bold Tribute to Black Dandyism, Tailoring, and Feminine Strength: Zac Posen, in custom Banana Republic, dresses Laura Harrier in a custom look made in the Gap Studio crafted from raw, natural denim—a nod to Gap's heritage and denim's role in self-expression and originality. NEW YORK, May 5, 2025 /PRNewswire/ -- Tonight at the 2025 Met Gala, actress Laura Harrier debuted a custom look by Zac Posen, Executive Vice President and Creative Director of Gap Inc. The look was designed in the Gap Studio at the Brand's headquarters in New York City, where American classics are reimagined through a couture lens.

      5/5/25 7:18:00 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Old Navy Partners with RADAR to Elevate the Customer Experience with Plans for Phased Roll Out of its AI-Powered RFID Technology

      New Technology Enables Store Associates to Track and Locate Inventory with a High Level of Accuracy to Drive a Seamless and Intelligent Shopping Experience  SAN FRANCISCO, March 26, 2025 /PRNewswire/ -- RADAR, the technology platform that combines RFID, AI and computer vision technology to track and locate in-store inventory with a high level of accuracy in real-time, today announced a partnership with Old Navy, the largest brand in Gap Inc.'s (NYSE:GAP) house of iconic American brands. Old Navy's multi-year plans include a phased roll out of RADAR's AI-powered RFID technology across its nationwide store fleet to help empower the brand's store associates with real-time inventory information

      3/26/25 9:00:00 AM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary

    $GAP
    $GPS
    SEC Filings

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    • SEC Form DEF 14A filed by Gap Inc.

      DEF 14A - GAP INC (0000039911) (Filer)

      4/8/25 8:03:48 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • SEC Form DEFA14A filed by Gap Inc.

      DEFA14A - GAP INC (0000039911) (Filer)

      4/8/25 8:04:47 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • SEC Form 10-K filed by Gap Inc.

      10-K - GAP INC (0000039911) (Filer)

      3/18/25 1:39:43 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary

    $GAP
    $GPS
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Gap Inc.

      SC 13G/A - GAP INC (0000039911) (Subject)

      11/13/24 1:37:28 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Gap Inc.

      SC 13G/A - GAP INC (0000039911) (Subject)

      11/12/24 3:59:32 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Gap Inc.

      SC 13G/A - GAP INC (0000039911) (Subject)

      11/4/24 11:56:14 AM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary

    $GAP
    $GPS
    Leadership Updates

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    • Lexie Hull and Kate Martin Join Athleta's Power of She Collective

      Following their recent Unrivaled match up, Hull and Martin join Athleta in celebrating the transformative power of women inspiring women and girls to move SAN FRANCISCO, Jan. 29, 2025 /PRNewswire/ -- Athleta, a Gap Inc. (NYSE:GAP) company and leading women's performance activewear brand, is adding to its Power of She Collective WNBA and Unrivaled league stars, Lexie Hull and Kate Martin. Amid the explosive growth of women's sports — marked by the WNBA's highest viewership and attendance in over 20 years and the launch of the Unrivaled league — Lexie and Kate join current WNBA player Monique Billings in empowering and supporting the next generation of female athletes.

      1/29/25 9:00:00 AM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Zac Posen Named EVP, Creative Director of Gap Inc. and Chief Creative Officer of Old Navy

      SAN FRANCISCO, Feb. 5, 2024 /PRNewswire/ -- Gap Inc. (NYSE:GPS) today announced the appointment of American fashion designer, Zac Posen, to Executive Vice President, Creative Director of Gap Inc. and Chief Creative Officer of Old Navy, based in San Francisco. Posen is an award-winning creator and entrepreneur, celebrated for his technical excellence and body positive designs. Over 25 years, his extensive career has included red-carpet couture, ready to wear, accessories, costume design and more. "I'm thrilled to welcome Zac Posen, one of America's most celebrated designers, at the onset of an exciting new chapter for Gap Inc. His technical expertise and cultural clarity have consistently evo

      2/5/24 12:15:00 PM ET
      $GPS
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Gap Inc. Names Eric Chan as Chief Business and Strategy Officer and Amy Thompson as Chief People Officer

      SAN FRANCISCO, Jan. 12, 2024 /PRNewswire/ -- Gap Inc. (NYSE:GPS) today announced the appointment of Eric Chan as Chief Business and Strategy Officer, effective this week, and Amy Thompson as Chief People Officer, effective January 22. Both leaders will join Gap Inc.'s executive leadership team and report to Gap Inc. President and Chief Executive Officer, Richard Dickson. GPS) today announced the appointment of Eric Chan as Chief Business and Strategy Officer, effective this week, and Amy Thompson as Chief People Officer, effective January 22. Both leaders will join Gap Inc.'s executive leadership team and report to Gap Inc. President and Chief Executive Officer, Richard Dickson." alt="Gap In

      1/12/24 11:15:00 AM ET
      $GPS
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary

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    $GPS
    Insider Trading

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    • President & CEO, Old Navy Barbeito Horacio sold $818,288 worth of shares (40,764 units at $20.07), decreasing direct ownership by 99% to 308 units (SEC Form 4)

      4 - GAP INC (0000039911) (Issuer)

      3/24/25 6:00:34 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Chief Financial Officer O'Connell Katrina sold $165,550 worth of shares (8,503 units at $19.47), closing all direct ownership in the company (SEC Form 4)

      4 - GAP INC (0000039911) (Issuer)

      3/20/25 5:45:12 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary
    • Chief Sup Chn & Transform Ofcr Gilligan Sarah sold $70,953 worth of shares (3,644 units at $19.47), closing all direct ownership in the company (SEC Form 4)

      4 - GAP INC (0000039911) (Issuer)

      3/20/25 5:44:45 PM ET
      $GAP
      Clothing/Shoe/Accessory Stores
      Consumer Discretionary