Gap, Inc. (GPS) Tops Q2 EPS by 13c; Withdraws Guidance But Remains 'Cautiously Optimistic' on FY Sales

(Updated - August 25, 2022 4:18 PM EDT)

Gap, Inc. (NYSE: GPS) reported Q2 EPS of $0.08, $0.13 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $3.86 billion versus the consensus estimate of $3.82 billion.

GUIDANCE:

Given the actions the company has underway and in midst of a CEO transition, combined with the uncertain macro-environment, the company is withdrawing its prior fiscal 2022 outlook. The company is providing the following commentary related to its outlook for the remainder of fiscal 2022 and will share further details on its second quarter fiscal 2022 results conference call today at 2:00 pm Pacific Time.

Coming off of peak inflation and the higher gas prices particularly impacting the lower-income consumer in June, the company has seen an improvement in sales trends in July and into August consistent with many other retailers. While the company is making progress balancing its assortments, it remains cautiously optimistic in light of the consumer environment as it relates to its revenue in the second half of fiscal 2022.

For earnings history and earnings-related data on Gap, Inc. (GPS) click here.

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