Gap Inc. Reports First Quarter Fiscal 2022 Results
First Quarter Fiscal 2022 - Financial Results: *Net sales of $3.5 billion, down 13% compared to last year. *Net sales growth in the first quarter fiscal 2022 was negatively impacted by an estimated 5 percentage points related to lapping the benefit of stimulus last year and approximately 3 percentage points from divestitures, store closures, and the transition of the company’s European business to a partnership model. *Comparable sales were down 14% year-over-year. *Store sales declined 10% compared to last year. The company ended the quarter with 3,414 store locations in over 40 countries, of which 2,825 were company operated. *Gross margin was 31.5%, 930 basis points lower than last year. *Operating loss was $197 million in the quarter; operating margin of negative 5.7%. *Net loss of $162 million