Gap, Inc. (GPS) Reports Q1 Loss of $2.51

Gap, Inc. (NYSE: GPS) reported Q1 EPS of ($2.51), versus $0.60 reported last year. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.3 billion.

2020 Financial Outlook and Second Quarter Business Update

Beginning May 9, 2020 the Company started to reopen stores in select states and countries in accordance with official COVID-19 recommendations provided by the World Health Organization (WHO), Centers for Disease Control (CDC), Public Health Agency of Canada, and local government guidelines, as well as the Retail Industry Leaders Association (RILA) and in partnership with industry peers to implement a number of health and safety measures that will support its teams and customers with a safe and seamless shopping experience.

“While we are pleased that store traffic and productivity is exceeding expectations, particularly at Old Navy and Athleta, we continue to plan conservatively as significant uncertainty remains ahead.” said Katrina O’Connell, EVP and CFO Gap Inc. “We intend to lean into our best-in-class supply chain and advantaged omni-channel capabilities to respond as customer demand becomes clearer.”

Given the high level of uncertainty in the current environment, the Company is not providing fiscal year net sales or earnings outlooks at this time.

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

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