Consumer
Gap Turnaround Bid Boosted by Stronger-Than-Expected Results
- Apparel company raises its outlook for current fiscal year
- Key metric of comparable sales outperformed across all brands
All of Gap’s brands posted comparable sales gains and outperformed expectations.
Photographer: Demetrius Freeman/BloombergThis article is for subscribers only.
Gap Inc. reported better-than-expected results and raised its outlook for the full year, showing the apparel retailer’s bid to rebuild the business is moving forward.
The San Francisco-based company posted revenue of $3.4 billion in the fiscal quarter ended May 4, 2024, beating the average estimate from analysts. All of Gap’s brands posted comparable sales gains and outperformed expectations; analysts had predicted declines for Banana Republic and Athleta, Gap’s athletic apparel chain.