Gap Inc. Reports First Quarter Fiscal 2024 Results

“Gap Inc. delivered a strong quarter that exceeded expectations across key metrics. We gained market share for the 5th consecutive quarter with positive comparable sales at all brands, demonstrating improved relevance with our customers as we execute against our brand reinvigoration playbook. Our first quarter results are giving us confidence to raise both sales and operating income guidance for the full year,” said Gap Inc. President and Chief Executive Officer, Richard Dickson. “We are on a journey to become a high-performing house of iconic American brands that shape culture. While this will take time, perseverance, and rigor, we are excited about the opportunities ahead as we unlock the power of Gap Inc.”

First Quarter Fiscal 2024 – Financial Results
*Net sales of $3.4 billion were up 3% 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 first quarter of fiscal 2024 are compared to the 13 weeks ended May 6, 2023.
*Gross margin of 41.2% increased 410 basis points versus last year’s reported gross margin and increased 400 basis points versus last year’s adjusted gross margin, which excludes $4 million in restructuring costs.
*Operating income was $205 million; operating margin of 6.1%.
details at: https://investors.gapinc.com/press-releases/news-details/2024/Gap-Inc.-Reports-First-Quarter-Fiscal-2024-Results-Raises-Full-Year-Guidance/default.aspx

Related Posts

‘InTech’ Magazine Is Going All-Digital After Survey Confirms Reader Preference (mediapost.com)

InTech magazine, the flagship publication of the International Society of Automation (ISA) will soon be all tech: it is ending its print edition and will now be published only in PDF format six times a year. It seems appropriate—if a little belated—that the ISA publication would go all-digital. The magazine found in a reader survey that 67% read InTech's digital edition, which is delivered via email. And 38% visit visit www.ISA.org/InTech to read there. But 46% never pick up a paper issue.

Rite Aid Secures Regulatory Clearance to Sell 1,932 Stores and Related Assets for $4.375 Billion to Walgreens Boots Alliance

Rite Aid Corporation announced that it has secured regulatory clearance for an amended and restated asset purchase agreement with Walgreens Boots Alliance, Inc. whereby WBA will purchase 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.375 billion on a cash-free, debt-free basis. Rite Aid also has the option to purchase generic drugs that are sourced through an affiliate of WBA at a cost substantially equivalent to Walgreens for a period of 10 years. The Hart-Scott-Rodino waiting period expired for the proposed transaction. Under the amended and restated agreement, Rite Aid will retain approximately 250 additional stores as compared to the prior agreement announced between Rite Aid and WBA in June 2017, resulting in a reduction in the transaction sale price. The decision to retain these stores follows discussions between Rite Aid and WBA, as well as the U.S. Federal Trade Commission ("FTC"). Click Read More below for additional detail.

Nordstrom making Election Day a holiday (chainstoreage.com)

Nordstrom wants to ensure that its employees have the time to vote on Nov. 3. The department store retailer is making Election Day a holiday for all its U.S. employees. While Nordstrom stores and operations centers will remain open, the company will work with employees to set schedules which will enable them to get to the polls. It also will provide its store, fulfillment center, distribution center and call center employees discounted rides to the polls through Lyft. "We believe every voice matters and our country is stronger when we all participate in the democratic process," said Pete Nordstrom, president and chief brand officer. "This initiative is a direct result of feedback we heard from more than 50,000 Nordstrom employees from all regions of the U.S. They told us they want to be actively engaged in their communities and help find solutions to the challenges we're facing. Enabling them to make their voices heard by voting is a meaningful and productive way we can support our people and our communities."
Back To Top
×Close search
Search