Gap, Inc. (GPS) Tops Q1 EPS by 27c

FREE Breaking News Alerts from StreetInsider.com!

StreetInsider.com Top Tickers, 9/12/2024

1. ORCL
2. SPY
3. ADBE
4. REGN
5. NVO

6. JPM
7. VRDN
8. GS
9. PLAY
10. ASO

Get Alerts GPS Hot Sheet

Price: $24.55 --0%

Financial Fact:
Operating income: 389M

Today's EPS Names:
DOYU, FEIM, HSCS, More

Join SI Premium – FREE

Gap, Inc. (NYSE: GPS) reported Q1 EPS of $0.41, $0.27 better than the analyst estimate of $0.14. Revenue for the quarter came in at $3.4 billion versus the consensus estimate of $3.28 billion.

Fiscal 2024 Outlook

As a result of its strong first quarter results, the company is increasing its outlook for fiscal 2024, reflecting higher net sales and meaningfully higher operating income growth compared to its prior expectations. This outlook takes into consideration the continued uncertain consumer and macro environment.

Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Additionally, the company's projected second quarter fiscal 2024 operating expense growth below is provided in comparison to its second quarter fiscal 2023 adjusted operating expense, which excludes $13 million in restructuring costs.

Full Year Fiscal 2024

	Current FY 2024 Outlook	Prior FY 2024 Outlook	FY 2023 Results
Net sales	Up slightly on a 52-week basis	Roughly flat on a 52-week basis	$14.9 billion
Gross margin	At least 150 bps expansion	At least 50 bps expansion	38.8 %
Operating expense	Approximately $5.1 billion	Approximately $5.1 billion	$5.17 billion (adjusted)
Operating income	Mid 40% growth range	Low-to-mid teens growth	$606 million (adjusted)
Effective tax rate	Approximately 28%	Approximately 28%	9.7 %
Capital expenditures	Approximately $500 million	Approximately $500 million	$420 million

Second Quarter Fiscal 2024

	Q2 2024 Outlook	Q2 2023 Results
Net sales	Low-single-digit growth	$3.55 billion
Gross margin	Approximately 300 bps expansion	37.6 %
Operating expense	Approximately 5% growth	$1.214 billion (adjusted)

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

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

Create E-mail Alert Related Categories

Earnings, Guidance, Hot Earnings, Hot Guidance

Related Entities

Earnings

Sign up for StreetInsider Free!

Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!