Gap Inc reports quarterly net sales of $3.86 billion, down 8% from a year ago

Published: 08/25/2022 20:43 GMT
Gap, Inc. (GPS) – Gap Inc – Quarterly net sales of $3.86 billion, down 8% from a year ago.
Gap Inc – Comparable quarterly sales were down 10% year over year.
Gap Inc – Old Navy quarterly net sales of $2.1 billion, down 13%.
Gap Inc – Banana Republic quarterly net sales of $539 million, up 9%.
Gap Inc – Gap’s quarterly net sales of $881 million, down 10%.
Gap Inc – Inventory of $3.1 billion at the end of the quarter, up 37% year-over-year.
Gap Inc – Withdrawing its prior outlook for fiscal 2022.
Gap Inc – Quarterly loss per share $0.13; Adjusted quarterly earnings per share $0.08.
Gap Inc – Quarterly online sales were down 6% from a year ago and accounted for 34% of total net sales.
Gap Inc – expects inventory growth at the end of the third quarter to moderate significantly.
Gap Inc – remains cautiously optimistic in light of the consumer environment regarding its revenue in the second half of fiscal 2022.
Gap Inc – Targeting negative inventory over last year by the end of fiscal 2022.
Gap Inc – Taking steps to reduce operating expenses, which should have a greater impact in fiscal 2023.
Gap Inc – now expects capital expenditures of approximately $650 million in fiscal 2022.
Gap Inc – does not anticipate any further share buybacks for the remainder of the year.
Gap Inc – Saw improved sales trends in July and August, in line with many other retailers.
Gap Inc – cut or postponed some capital expenditures and reduced the number of new Old Navy stores planned for the second half.
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Sallie R. Loera