GAP: Q1 loss exceeds expectations

(CercleFinance.com) - On Thursday night, Gap reported a net loss of 2.
51 dollars per share in its first accounting quarter, compared to EPS of 60 cents a year ago, while the consensus only expected a loss of about 50 cents per share.

The clothing chain announced an operating loss loss of 1.2 billion dollars, a gross margin declining to 12.7%, with income falling by 43%, due to the temporary closure of stores in mid-March due to the health crisis.

However, expecting the vast majority of its stores to be reopened in June, CEO Sonia Syngal believes that, "the actions we've taken will provide a stable foundation as we navigate near-term uncertainty and refashion Gap Inc. for long-term growth".


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