Gap, Inc.’s (NYSE:GAP) shares soar as the retailer exceeds second-quarter expectations and ramps up its FY24 margin outlook with a standout performance across key metrics.
The company reported second-quarter earnings per share of 54 cents, beating the analyst consensus of 40 cents. Quarterly sales of $3.72 billion (+5%), beating the street view of $3.63 billion.
The retailer’s quarterly report was unexpectedly posted on its investor relations website hours before schedule. Initially set to report after the markets closed today, the company surprisingly released its results earlier.
Comparable sales increased by 3%, driven by strong Old Navy and Gap performances. The operating margin improved by 490 basis points to 7.9% compared to the previous year.
Store sales surged by 4% year-over-year as the company expanded its footprint to 3,568 locations ...
