The Gap logo is displayed at a Gap store on April 25, 2023 in Los Angeles, California.
Mario Tama | Getty Images
Gap reported another quarter of net losses and declining sales across its four brands but the retailer insisted it’s making progress — and has managed to significantly improve its margins, which sent shares surging in extended trading.
Here’s how the apparel retailer did in its fiscal first quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: 1 cent, adjusted, vs. a loss of 16 cents, expected
- Revenue: $3.28 billion vs. $3.29 billion expected
For the three-month period that ended April 29, the company’s net loss narrowed to $18 million, or 5 cents per share, from $162 million, or 44 cents a share, in the year-earlier period. On an adjusted basis, the company reported earnings of $3 million, or 1 cent per share.
Sales dropped to $3.28 billion, down 6% from $3.48 billion a year earlier.
Shares jumped more…
2023-05-25 18:35:03
Source from www.cnbc.com