Gap Inc. Reports First Quarter Results

*First quarter comparable sales increased 28% year-over year, and 13% versus 2019
*Net sales of $4 billion were up 89% versus 2020 and up 8% compared to 2019 pre-COVID levels
*Reported earnings per share for the quarter were $0.43, and $0.48 on an adjusted basis
*Reported Operating Margin of 6.0% with Adjusted Operating Margin of 7.4%
*Company raising full year outlook for sales, operating margin, and earnings per share
*Sales growth up low-to mid-twenty percent range versus 2020
*Operating Margin of about 6% on both a reported and adjusted basis
*Reported earnings per share range of $1.55-$1.70; Adjusted earnings per share range of $1.60-$1.75

Gap Inc. (NYSE: GPS), a portfolio of purpose-led, lifestyle brands including Old Navy, Gap, Banana Republic, and Athleta, and the largest specialty apparel company in the U.S., reported first quarter fiscal year 2021 diluted earnings per share of $0.43. Excluding charges associated with divestiture activity related to the Janie & Jack business and Intermix business, adjusted first quarter 2021 earnings per share were $0.48. The company raised its full year reported diluted earnings per share guidance to be in the range of $1.55 to $1.70, and $1.60 to $1.75 on an adjusted basis.

“Our Power Plan 2023 is taking hold. Investments in demand-generation, coupled with macro tailwinds, supercharged our brands. Gap Inc. delivered sales growth of 8% over 2019 pre-COVID levels, with particular strength at Old Navy and Athleta, a healthy and growing Gap business in North America, and market share gains that outpaced the industry,” said Sonia Syngal, CEO, Gap Inc. “As stores traffic came back, we sustained our digital dominance with 82% online growth versus 2019. And while Active and Fleece continue to soar, we saw a resurgence in summer fashion with dresses rebounding, showing that customers are emerging from the crisis wanting to express their style without sacrificing the comfort and digital convenience they’ve become accustomed to. Through the power of our brands, platform and portfolio, we deliver it all.”
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