Gap Inc. Reports First Quarter Fiscal 2023 Results
First Quarter Fiscal 2023 - Financial Results: *Net sales of $3.28 billion, down 6% 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. Net sales were in line with the company's expectations for a mid-single digit decline in the quarter. *Reported gross margin was 37.1%. Excluding $4 million in restructuring costs, adjusted gross margin of 37.2% increased 570 basis points versus last year. *Reported operating loss was $10 million; reported operating margin of negative 0.3%.