Gap Inc. Reports Second Quarter Fiscal 2022 Results

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., today reported financial results for its second quarter ended July 30, 2022.

“This is a pivotal moment in time. While we search for a new leader, I am taking on the role as Interim President & CEO of Gap Inc. with a deep commitment to the company’s success and impatience for change. Having navigated the global retail industry across brands and markets, I am not approaching this work from the sidelines,” said Bob Martin, Executive Chairman and Interim CEO, Gap Inc. “We are taking actions to better optimize profitability and cash flow in the near term, reducing operating costs as well as impairing unproductive inventory. While our elevated inventory and pressured margins are current realities against unsettled market conditions, they do not define our ability to capitalize on Gap Inc.’s strengths to win.

Mr. Martin continued, “Gap Inc.’s iconic brands, powerful assets, well-established values and scaled omni-platform are central to our strategic direction. Our team has the capabilities to deliver what our customers, and our shareholders, expect — what’s needed for profitable growth. Importantly, as we adopt behaviors that enable sustainable change, I’m confident we will unleash our potential and drive value creation over the long term.”

Second Quarter Fiscal 2022 – Financial Results
*Net sales of $3.86 billion, down 8% compared to last year.
*Comparable sales were down 10% year-over-year.
*Online sales declined 6% compared to last year and represented 34% of total net sales.
*Store sales declined 10% compared to last year. The company ended the quarter with 3,390 store locations in over 40 countries, of which 2,799 were company operated.
*Reported operating loss was $28 million in the quarter; reported operating margin of (0.7%).
*Reported net loss of $49 million.
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