GAP: reduces net loss in Q1
(CercleFinance.com) - On Thursday evening, Gap reported a net loss of five cents per share for Q1, compared with a loss of 44 cents a year earlier.
On an adjusted basis, it posted token EPS of one cent.
The clothing chain posted adjusted operating profit of $18m, i.e. a margin of 0.5%, on sales of $3.28bn, down 6% (-3% LFL), in line with its expectations.
Faced with an uncertain environment, Gap still forecasts that its FY sales could fall by a "low-to-mid single-digit" percentage, although expects its gross margin to increase.
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On an adjusted basis, it posted token EPS of one cent.
The clothing chain posted adjusted operating profit of $18m, i.e. a margin of 0.5%, on sales of $3.28bn, down 6% (-3% LFL), in line with its expectations.
Faced with an uncertain environment, Gap still forecasts that its FY sales could fall by a "low-to-mid single-digit" percentage, although expects its gross margin to increase.
Copyright (c) 2023 CercleFinance.com. All rights reserved.