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Gap lowers FY22 outlook after tough Q1 trading

Gap has reported a 13 percent year-over-year drop in sales to 3.5 billion dollars in the first quarter of the year, with comparable sales down 14 percent. Online sales at the US fashion giant declined 17 percent, while its store sales were down 10 percent. The company swung to a net loss of 162 million dollars from a net profit of 166 million...

27 May 2022

BusinessFeatured

Gap posts profit in FY21, reveals positive earnings forecast

Gap Inc. said reported diluted loss per share for the fourth quarter was 4 cents, while adjusted diluted loss per share was 2 cents. Fiscal year 2021 reported diluted earnings per share were 67 cents and adjusted diluted earnings per share were 1.44 dollars. The company’s fourth quarter net sales of 4.5 billion dollars were down 3 percent...

4 Mar 2022

Business

Gap increases annual dividend by 25 percent

Gap Inc. board of directors has approved plans to increase the company’s annual dividend per share to 60 cents in fiscal year 2022, a 25 percent increase from the company’s current annualized rate of 48 cents. The company announced that its board of directors has authorized a first quarter fiscal year 2022 dividend of 15 cents per share, payable...

25 Feb 2022

Business

Gap gets downgrade, Bank of America cites Old Navy concerns

Bank of America (BofA) has once again dropped its rating of Gap Inc., taking it from Neutral to Underperform. The firm has expressed apprehensions over the ongoing impact of supply chain challenges on the retail group’s near-term results, as well as citing concern with Old Navy, which it has said accounts for 55 percent of Gap’s sales. “We...

17 Feb 2022

BusinessFeatured

Supply chain disruptions impact Gap's Q3

Gap Inc. reported a third quarter fiscal year 2021 diluted loss per share of 40 cents. The company said, third quarter net sales of 3.9 billion dollars were down 1 percent compared to 2019 with supply chain disruption driving an estimated 8 percentage point negative impact due to constrained inventory. The company noted that while supply chain...

24 Nov 2021

BusinessFeatured

Gap reports strong Q2, raises full year earnings outlook

Gap reported second quarter diluted earnings per share of 67 cents, while adjusted earnings per share were 70 cents. The company raised its full year reported diluted earnings per share guidance to be in the range of 1.90 dollars to 2.05 dollars and 2.10 dollars to 2.25 dollars on an adjusted basis. The company’s net sales of 4.2 billion dollars...

27 Aug 2021

BusinessFeatured

Gap Q1 sales top pre-Covid levels, swings to profit

Sales at US fashion and lifestyle retailer Gap topped pre-Covid levels in the first quarter of the year as its markets opened back up, leading to a hike in its full-year outlook. The company said net sales across its brands for the first quarter ending May 1 were up 89 percent to 3.99 billion dollars compared to last year when the pandemic was...

28 May 2021

Fashion

Athleta partners with Simone Biles

Athleta has formed a long-term partnership with Simone Biles, the most decorated gymnast in World Championships history. Biles will collaborate with Athleta’s design team in development of signature products for aspiring athletes, including plans for multiple capsule collaborations for Athleta Girl, the brand’s youth focused line. “Using my...

23 Apr 2021

Retail

Athleta announces expansion into Canada

Gap Inc. brand Athleta is expanding outside of the US for the first time as the performance lifestyle brand plants roots in Canada. Athleta will launch a Canadian e-commerce platform this summer, followed by opening retail stores in Ontario, Vancouver, and British Columbia. According to the brand, it plans on opening between 20 to 30 stores a...

21 Apr 2021

Podcast

Podcast: The Glossy Podcast interviews Athleta's Jana Henning

In this episode, The Glossy Podcast has interviewed the chief product officer of activewear brand Athleta, Jana Henning, about size inclusivity, the future of stores and the return to stores. Listen to the podcast below. Source: The Glossy Podcast via Megaphone

1 Apr 2021

BusinessFeatured

Gap posts sales decline in Q4, expects recovery in 2021

Gap’s diluted earnings per share were 61 cents for the fourth quarter of fiscal year 2020. The company said, net sales were 4.4 billion dollars, a decrease of 5 percent compared with last year, while online sales grew 49 percent compared with last year and represented 46 percent of net sales in the fourth quarter, which was an increase of over...

5 Mar 2021

Business

Gap declares first quarter dividend

Gap Inc. has announced that its board of directors affirmed the payment of its previously approved and deferred first quarter fiscal year 2020 dividend of 0.2425 cents per share, payable on or after April 28, 2021 to shareholders of record at the close of business on April 7, 2021. The company also announced its intent to initiate a quarterly...

3 Mar 2021