Gap Inc. Reports Second Quarter Fiscal 2023 Results

“I have long admired Gap Inc. as a customer, a brand builder, and most recently, as a Board member. An even greater draw is the company’s storied brands. And I’m excited for the opportunity to lead the incredible people of Gap Inc. to unlock our full potential,” said Richard Dickson, President and Chief Executive Officer, Gap Inc. “We’re seeing encouraging signs of progress, as our teams streamline the way we work so we can focus on growth-driving initiatives – a virtuous cycle that we’ll look to become our norm. This means we have to do things differently, with a clear focus on redefining our brands’ meaning to consumers, focusing on creativity, designing for relevance as a pursuit rather than a goal, and leveraging our remarkable legacy to shape an exciting new future.”

“We are pleased to deliver meaningful operating margin expansion and strong free cash flow during the second quarter driven by modest market share gains, our significantly improved inventory position, and our actions to transform the company’s operating model and structure,” said Katrina O’Connell, Executive Vice President and Chief Financial Officer, Gap Inc. “While we are encouraged by our near-term progress, we remain mindful of the mixed economic and consumer environment in which we are operating and continue to plan the business prudently.”

Second Quarter Fiscal 2023 – Financial Results
*Net sales of $3.55 billion, down 8% 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.

  • Comparable sales were down 6%.
    *Gross margin of 37.6% increased 310 basis points versus last year’s reported gross margin and increased 160 basis points versus last year’s adjusted gross margin which excluded $58 million in inventory impairment charges.
    *Reported operating income was $106 million; reported operating margin of 3.0%.
    *The effective tax rate was negative 8.3%. During the quarter, the company recorded a tax benefit as a result of a transfer pricing settlement related to its sourcing activities.
    *Reported net income of $117 million; reported diluted earnings per share of $0.32.
    details at: https://investors.gapinc.com/press-releases/news-details/2023/Gap-Inc.-Reports-Second-Quarter-Fiscal-2023-Results/default.aspx
Related Posts

Print Unit Sales Soar in Mid-January (publishersweekly.com)

With all major categories posting huge gains, unit sales of print books jumped 22.7% for the week ended Jan. 16, 2021, over the comparable week in 2020, at outlets that report to NPD BookScan. The biggest gains came in the YA categories, with fiction up 47.6% and nonfiction rising 46.9%. The release of Concrete Rose by Angie Thomas, which sold nearly 18,000 copies, helped to lift YA fiction. In YA nonfiction, Stamped by Jason Reynolds and Ibram X. Kendi was the top title, selling more than 4,100 copies. Juvenile fiction sales rose 30.7% over the week ended Jan. 18, 2020, led by Little Blue Truck’s Valentine by Alice Schertle, which sold just over 28,000 copies, and Dav Pilkey’s Cat Kid Comic Club, which sold nearly 22,000 copies. Juvenile nonfiction sales rose 28.8% over 2020. Two educational titles led the way: Crystal Radke’s My First Learn-to-Write Workbook sold more than 7,000 copies, and Big Preschool Workbook sold 6,400 copies. Adult fiction unit sales rose almost 30% over 2020.

Bonnier Sells Marine Media, Doubles Down on Outdoor Adventure

Bonnier USA has sold its marine media division to Craig Fuller’s Flying Media Group. The transaction was announced at the Fort Lauderdale Boat Show. Bonnier’s media division publishes the nation’s leading portfolio of iconic marine brands with Yachting, Boating, Sailing World, Cruising World, and Salt Water Sportsman, produces the award-winning SFTV television series, and hosts the Sailing World Regatta Series. “The sale of our marine media division marks our fifth transaction in shaping a group with full focus on experiential outdoor adventure,” said Jens Mueffelmann, Executive Chairman of Bonnier LLC. “Craig Fuller has vigorously transformed aviation media. He is the perfect new owner of our marine media division.”

Home Depot Announces Second Quarter Results

The Home Depot® reported sales of $38.1 billion for the second quarter of fiscal 2020, a 23.4 percent increase from the second quarter of fiscal 2019. Comparable sales for the second quarter of fiscal 2020 were positive 23.4 percent, and comparable sales in the U.S. were positive 25.0 percent. Net earnings for the second quarter of fiscal 2020 were $4.3 billion, or $4.02 per diluted share, compared with net earnings of $3.5 billion, or $3.17 per diluted share, in the same period of fiscal 2019. For the second quarter of fiscal 2020, diluted earnings per share increased 26.8 percent from the same period in the prior year.
Back To Top
×Close search
Search