Gap Shares Plunge 13% on Disappointing Q1 Results and Revised Outlook
Get Alerts GPS Hot Sheet
Revenue Growth %: -0.3%
Financial Fact:
Cash dividends declared and paid per share: 0.23
Today's EPS Names:
FRSB, DGICA, UXIN, More
Join SI Premium – FREE
Gap, Inc. (NYSE: GPS) shares dropped more than 13% after-hours following the company’s reported Q1 results, with EPS of ($0.44) coming in worse than the consensus estimate of ($0.11). Revenue declined 13% year-over-year to $3.5 billion, compared to the consensus estimate of $3.48 billion.
The company updated its full 2022-year guidance to reflect the negative impacts of industry-wide headwinds, challenges at Old Navy, as well a slowdown in China that is impacting Gap Brand.
The company expects 2022 EPS to be in the range of $0.30-$0.60, compared to the consensus estimate of $0.43. Revenue is expected to decline in the low to mid-single digit range year-over-year.
According Katrina O’Connell, Executive Vice President and CFO of Gap Inc., the company expects modest performance improvement in H2 and acceleration from the start of fiscal 2023.
By Davit Kirakosyan
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
- Buy earnings selloff in this chip stock - Citi
- Buy earnings selloff in this chip stock - Citi
Create E-mail Alert Related Categories
Earnings, Hot List, Trader TalkSign 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!