Gap Inc. Reports Fourth Quarter and Fiscal Year 2021 Results

*Fourth quarter 2021 net sales of $4.5 billion increased 2% year-over-year and were down 3% compared to 2019; Comparable sales were up 3% year-over-year and increased 3% versus 2019
*Fiscal year 2021 net sales of $16.7 billion increased 21% year-over-year and were up 2% compared to fiscal year 2019; Comparable sales were up 6% year-over-year and increased 8% versus 2019
*Fiscal year 2021 reported diluted earnings per share was $0.67 with adjusted diluted earnings per share of $1.44
*Returned over $400 million to shareholders in fiscal 2021 through dividend program and share repurchase plan
*Fiscal year 2022 reported diluted earnings per share is expected to be in the range of $1.95 to $2.15 with adjusted diluted earnings per share in the range of $1.85 to $2.05

GAP INC. (NYSE: GPS), a portfolio of purpose-led, billion-dollar lifestyle brands including Old Navy, Gap, Banana Republic, and Athleta, and the largest specialty apparel company in the U.S., reported its financial results for the fourth quarter and fiscal year ended January 29, 2022.

The company’s reported diluted loss per share for the fourth quarter was $0.04. Excluding charges related to strategic changes in the company’s European business, the fourth quarter adjusted diluted loss per share was $0.02. Fiscal year 2021 reported diluted earnings per share was $0.67. Excluding fees associated with restructuring the company’s long-term debt, as well as charges related to divestiture activity and strategic changes in the company’s European business, adjusted diluted earnings per share for fiscal year 2021 was $1.44.

Additional information regarding adjusted diluted earnings (loss) per share, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period.

“After two years of restructuring, including divesting smaller non-strategic brands, transitioning our European market to an asset-light partnership model and shedding underperforming North American stores, our core business is strong and we are poised for balanced growth across our four billion-dollar lifestyle brands,” said Sonia Syngal, CEO, Gap Inc. “As our teams address near-term disruption from the acute headwinds that muted our fourth quarter performance, we are confident in our ability to execute against our long-term strategy, capitalizing on our investments in demand-generation, customer loyalty and artificial intelligence to accelerate profitable growth.”

Due to the significant impact of COVID-19 on prior year figures, financial comparisons in this release are being made primarily to the same period in fiscal year 2019. Fourth quarter and full year results for fiscal 2020 and 2019 can be found in the tables at the end of this press release.

The company’s fourth quarter fiscal year 2021 net sales of $4.5 billion were down 3% compared to 2019. Strategic permanent store closures and divestitures reduced net sales by approximately 9 percentage points versus 2019. Online sales grew 44% compared to the fourth quarter of 2019 and represented 43% of the total business. Fourth quarter comparable sales were up 3% versus 2019 and 3% year-over-year.

Fiscal year 2021 net sales of $16.7 billion represented a 2% increase versus fiscal year 2019. Strategic permanent store closures and divestitures reduced net sales by approximately 7 percentage points versus 2019. Fiscal year 2021 online sales grew 57% versus 2019 and represented 39% of total net sales. Comparable sales for fiscal year 2021 grew 8% versus 2019 and were up 6% year-over-year. The comparable sales calculation reflects online sales and comparable sales days in stores that were open.
details at: https://investors.gapinc.com/press-releases/news-details/2022/Gap-Inc.-Reports-Fourth-Quarter-and-Fiscal-Year-2021-Results-Provides-2022-Outlook/default.aspx

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