Gap Q4 Earnings: Revenue Beat, EPS Beat, Old Navy Sales Up 6% And More
Portfolio Pulse from Adam Eckert
Gap Inc (NYSE:GPS) reported Q4 earnings with a revenue increase of 1% year-over-year to $4.30 billion, surpassing the consensus estimate of $4.22 billion. Earnings per share were 49 cents, significantly up from a loss of 75 cents in the prior year's quarter, beating estimates of 23 cents per share. Comparable sales remained flat, with Old Navy sales up 6% and Gap, Banana Republic, and Athleta sales down. The company announced a first-quarter dividend of 15 cents per share and expects flat net sales for Q1 and full-year 2024, with margin expansions. Gap shares rose 8.43% after hours to $20.95.
March 07, 2024 | 9:50 pm
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Gap Inc reported a strong Q4 with revenue and EPS beating estimates, Old Navy sales up 6%, and a positive outlook for margin expansion. Announced a Q1 dividend of 15 cents per share.
Gap Inc's Q4 earnings report exceeded expectations with significant improvements in revenue and EPS, and a strong performance from Old Navy. The announcement of a dividend and a positive outlook for margin expansion are likely to be viewed positively by investors, contributing to the after-hours stock price increase. The direct impact on Gap's stock price is evident from the 8.43% rise in after-hours trading, indicating investor confidence in the company's financial health and future prospects.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100