Gap Inc. Reports First Quarter Fiscal 2024 Results
First Quarter Fiscal 2024 - Financial Results *Net sales of $3.4 billion were up 3% compared to last year. Comparable sales were up 3% year-over-year. Due to the 53rd week in fiscal 2023, in order to maintain consistency, comparable sales for the first quarter of fiscal 2024 are compared to the 13 weeks ended May 6, 2023. *Gross margin of 41.2% increased 410 basis points versus last year's reported gross margin and increased 400 basis points versus last year's adjusted gross margin, which excludes $4 million in restructuring costs. *Operating income was $205 million; operating margin of 6.1%.