Consumer
Gap’s Surprise Earnings Release Shows Strong Second Quarter
- Old Navy and Gap brands continued their recovery as sales grow
- Results appeared on its website hours earlier than scheduled
A Gap store in New York.
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
Gap Inc. beat sales expectations in the second quarter, suggesting that an overhaul by new Chief Executive Officer Richard Dickson is working.
Net sales in the period ended Aug. 3 rose 5% from a year ago, to $3.7 billion. Comparable sales, which Gap defines as stores open for at least a year, were up 3% across its portfolio of brands, which includes Old Navy and Athleta.