Gap Inc. Reports Third Quarter Fiscal 2024 Results, Raises Full Year Outlook
Gap Inc. reported strong Q3 fiscal 2024 results with net sales up 2% to $3.8 billion and comparable sales increasing 1%. Online sales grew 7%, representing 40% of total sales. The company achieved an operating margin of 9.3%, up 270 basis points year-over-year, with net income reaching $274 million. Based on strong performance, Gap raised its full-year outlook, projecting net sales growth of 1.5-2.0% and mid to high 60% operating income growth. All brands gained market share, with notable improvements in Athleta (+5% comparable sales) and Gap (+3% comparable sales).
Gap Inc. ha riportato risultati solidi per il terzo trimestre dell'anno fiscale 2024, con vendite netti in aumento del 2% a 3,8 miliardi di dollari e vendite comparabili in crescita dell'1%. Le vendite online sono aumentate del 7%, rappresentando il 40% delle vendite totali. L'azienda ha raggiunto un margine operativo del 9,3%, in aumento di 270 punti base rispetto all'anno precedente, con un utile netto che ha toccato i 274 milioni di dollari. Sulla base di queste prestazioni solide, Gap ha alzato le sue previsioni per l'intero anno, prevedendo una crescita delle vendite nette dell'1,5-2,0% e una crescita dell'utile operativo di medio-alto 60%. Tutti i marchi hanno guadagnato quote di mercato, con miglioramenti significativi in Athleta (+5% nelle vendite comparabili) e Gap (+3% nelle vendite comparabili).
Gap Inc. informó resultados sólidos para el tercer trimestre del año fiscal 2024, con ventas netas en aumento del 2% a 3.8 mil millones de dólares y ventas comparables incrementándose en un 1%. Las ventas en línea crecieron un 7%, representando el 40% de las ventas totales. La compañía logró un margen operativo del 9.3%, un aumento de 270 puntos básicos interanuales, con un ingreso neto que alcanzó los 274 millones de dólares. Basándose en un sólido desempeño, Gap incrementó su perspectiva para el año completo, proyectando un crecimiento de ventas netas del 1.5-2.0% y un crecimiento del ingreso operativo en el rango medio a alto del 60%. Todas las marcas ganaron participación de mercado, con mejoras notables en Athleta (+5% en ventas comparables) y Gap (+3% en ventas comparables).
Gap Inc.이 2024 회계 연도 3분기 강력한 실적을 발표했습니다. 순매출이 2% 증가한 38억 달러에 달하며, 동반 매출도 1% 상승했습니다. 온라인 매출은 7% 성장하여 전체 매출의 40%를 차지했습니다. 회사는 운영 마진 9.3%를 기록했으며, 이는 전년 대비 270bp 상승한 수치입니다. 순이익은 2억 7400만 달러에 도달했습니다. 이러한 강력한 실적에 기반하여 Gap은 연간 전망을 상향 조정하며 순매출 성장률을 1.5-2.0%, 중고 60% 대의 운영 수익 성장률을 예상했습니다. 모든 브랜드가 시장 점유율을 높였으며, Athleta(+5% 동반 매출) 및 Gap(+3% 동반 매출)에서 뚜렷한 개선이 있었습니다.
Gap Inc. a annoncé des résultats solides pour le troisième trimestre de l'exercice fiscal 2024, avec des ventes nettes en hausse de 2%, atteignant 3,8 milliards de dollars, et des ventes comparables en augmentation de 1%. Les ventes en ligne ont progressé de 7%, représentant 40% des ventes totales. L'entreprise a réalisé une marge opérationnelle de 9,3%, en hausse de 270 points de base par rapport à l'année précédente, avec un revenu net atteignant 274 millions de dollars. Sur la base de cette performance solide, Gap a relevé ses prévisions pour l'année entière, projetant une croissance des ventes nettes de 1,5-2,0% et une croissance du revenu opérationnel élevée à moyenne de 60%. Toutes les marques ont gagné des parts de marché, avec des améliorations notables pour Athleta (+5% de ventes comparables) et Gap (+3% de ventes comparables).
Gap Inc. hat starke Ergebnisse für das dritte Quartal des Geschäftsjahres 2024 gemeldet, mit Nettoverkäufen, die um 2% auf 3,8 Milliarden Dollar gestiegen sind und vergleichbaren Verkäufen, die um 1% zugenommen haben. Die Online-Verkäufe wuchsen um 7% und machen 40% des Gesamtumsatzes aus. Das Unternehmen erzielte eine operative Marge von 9,3%, was einem Anstieg von 270 Basispunkten im Jahresvergleich entspricht, und der Nettogewinn erreichte 274 Millionen Dollar. Auf Basis der starken Leistung hob Gap seine Gesamtjahresprognose an und erwartet ein Nettoumsatzwachstum von 1,5-2,0% sowie ein mittleres bis hohes Wachstum des Betriebsgewinns von 60%. Alle Marken konnten Marktanteile gewinnen, mit bemerkenswerten Verbesserungen bei Athleta (+5% vergleichbare Verkäufe) und Gap (+3% vergleichbare Verkäufe).
- Net sales increased 2% to $3.8 billion
- Online sales grew 7%, representing 40% of total revenue
- Operating margin improved 270 basis points to 9.3%
- Cash position increased 64% year-over-year to $2.2 billion
- Market share gains across all brands
- Raised full-year guidance for sales and operating income growth
- Store sales decreased 2% compared to last year
- Banana Republic comparable sales declined 1%
- Inventory levels down 2% year-over-year
Insights
Gap Inc.'s Q3 results demonstrate significant operational improvements with
The balance sheet remains robust with
The brand portfolio performance shows encouraging trends, with market share gains across all segments. Athleta's turnaround is particularly noteworthy, posting
The company's omnichannel strategy is proving effective, balancing the
Net sales increased
Operating margin of
Market share gains across all brands in the quarter
Raises outlook for fiscal 2024 net sales, gross margin and operating income growth
"I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson. "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential."
Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth."
Third Quarter Fiscal 2024 – Financial Results
- Net sales of
were up$3.8 billion 2% compared to last year. Comparable sales were up1% year-over-year. Due to the 53rd week in fiscal 2023, in order to maintain consistency, comparable sales for the third quarter of fiscal 2024 are compared to the 13 weeks ended November 4, 2023.- Store sales decreased
2% compared to last year. The company ended the quarter with 3,603 store locations in about 40 countries, of which 2,544 were company operated. - Online sales increased
7% compared to last year and represented40% of total net sales.
- Store sales decreased
- Gross margin of
42.7% increased 140 basis points versus last year's gross margin.- Merchandise margin increased 90 basis points versus last year primarily driven by improved inventory management.
- Rent, occupancy, and depreciation (ROD) as a percent of sales leveraged 50 basis points versus last year.
- Operating expense was
.$1.3 billion - Operating income was
; operating margin of$355 million 9.3% . - The effective tax rate was
24% . - Net income of
; diluted earnings per share of$274 million .$0.72
Balance Sheet and Cash Flow Highlights
- Ended the quarter with cash, cash equivalents and short-term investments of
, an increase of$2.2 billion 64% from the prior year. - Year-to-date net cash from operating activities was
. Year-to-date free cash flow, defined as net cash from operating activities less purchases of property and equipment, was$870 million .$540 million - Ending inventory of
was down$2.33 billion 2% compared to last year. - Capital expenditures were
.$330 million - Paid a third quarter dividend of
per share, totaling$0.15 $57 million . The company's Board of Directors approved a fourth quarter fiscal 2024 dividend of per share.$0.15
Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period.
Third Quarter Fiscal 2024 – Global Brand Results
Comparable Sales
Third Quarter | |||
2024 | 2023 | ||
Old Navy | — % | 1 % | |
Gap | 3 % | (1) % | |
Banana Republic | (1) % | (8) % | |
Athleta | 5 % | (19) % | |
Gap Inc. | 1 % | (2) % |
Old Navy:
- Third quarter net sales of
were up$2.2 billion 1% compared to last year. Comparable sales were flat. The brand's continued focus on operational rigor and brand reinvigoration drove solid performance in the quarter, despite lapping tougher compares and facing weather-related headwinds.
Gap:
- Third quarter net sales of
were up$899 million 1% compared to last year. Comparable sales were up3% representing the fourth consecutive quarter of positive comparable sales at the brand. Gap's strong product and marketing execution have helped drive continued momentum and consistent results at the brand.
Banana Republic:
- Third quarter net sales of
were up$469 million 2% compared to last year. Comparable sales were down1% . The brand saw strength in its men's business during the quarter and remains focused on fixing the fundamentals.
Athleta:
- Third quarter net sales of
were up$290 million 4% compared to last year. Comparable sales were up5% . As expected, the brand returned to positive comparable sales in the quarter as its new product and marketing are resonating with customers.
Fiscal 2024 Outlook
As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations.
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
Full Year Fiscal 2024
Current FY24 Outlook | Prior FY24 Outlook | FY23 Results | |||
Net sales | Up on a 52-week basis | Up slightly on a 52-week basis | |||
Gross margin | Approximately 220 bps expansion | Approximately 200 bps expansion | 38.8 % | ||
Operating expense | Approximately | Approximately | |||
Operating income | Mid to High | Mid to High | |||
Effective tax rate | Approximately | Approximately | 9.7 % | ||
Capital expenditures | Approximately | Approximately |
1 Fiscal year 2023 consisted of 53 weeks and the extra week drove approximately 2 Fiscal year 2023 adjusted operating expense of 3 Fiscal year 2023 adjusted operating income of |
Webcast and Conference Call Information
Whitney Notaro, Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell.
A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com. A replay of the webcast will be available at the same location.
Non-GAAP Disclosure
This press release and related conference call include financial measures that have not been calculated in accordance with
The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income.
The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles.
Forward-Looking Statements
This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing
Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024, as well as our subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of November 21, 2024. We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
About Gap Inc.
Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy, Gap, Banana Republic, and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were
Investor Relations Contact:
Nina
Investor_relations@gap.com
Media Relations Contact:
Megan Foote
Press@gap.com
The Gap, Inc. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
UNAUDITED | |||||||
($ in millions) | November 2, | October 28, | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 1,969 | $ 1,351 | |||||
Short-term investments | 250 | — | |||||
Merchandise inventory | 2,331 | 2,377 | |||||
Other current assets | 580 | 646 | |||||
Total current assets | 5,130 | 4,374 | |||||
Property and equipment, net of accumulated depreciation | 2,546 | 2,552 | |||||
Operating lease assets | 3,217 | 3,200 | |||||
Other long-term assets | 960 | 926 | |||||
Total assets | $ 11,853 | $ 11,052 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ 1,523 | $ 1,433 | |||||
Accrued expenses and other current liabilities | 1,135 | 1,078 | |||||
Current portion of operating lease liabilities | 617 | 604 | |||||
Income taxes payable | 50 | 24 | |||||
Total current liabilities | 3,325 | 3,139 | |||||
Long-term liabilities: | |||||||
Long-term debt | 1,489 | 1,488 | |||||
Long-term operating lease liabilities | 3,360 | 3,456 | |||||
Other long-term liabilities | 544 | 509 | |||||
Total long-term liabilities | 5,393 | 5,453 | |||||
Total stockholders' equity | 3,135 | 2,460 | |||||
Total liabilities and stockholders' equity | $ 11,853 | $ 11,052 |
The Gap, Inc. | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
UNAUDITED | ||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||
($ and shares in millions except per share amounts) | November 2, | October 28, | November 2, | October 28, | ||||||
Net sales | $ 3,829 | $ 3,767 | $ 10,937 | $ 10,591 | ||||||
Cost of goods sold and occupancy expenses | 2,194 | 2,211 | 6,322 | 6,488 | ||||||
Gross profit | 1,635 | 1,556 | 4,615 | 4,103 | ||||||
Operating expenses | 1,280 | 1,306 | 3,762 | 3,757 | ||||||
Operating income | 355 | 250 | 853 | 346 | ||||||
Interest, net | (6) | — | (12) | 8 | ||||||
Income before income taxes | 361 | 250 | 865 | 338 | ||||||
Income tax expense | 87 | 32 | 227 | 21 | ||||||
Net income | $ 274 | $ 218 | $ 638 | $ 317 | ||||||
Weighted-average number of shares - basic | 377 | 371 | 376 | 369 | ||||||
Weighted-average number of shares - diluted | 383 | 375 | 383 | 373 | ||||||
Earnings per share - basic | $ 0.73 | $ 0.59 | $ 1.70 | $ 0.86 | ||||||
Earnings per share - diluted | $ 0.72 | $ 0.58 | $ 1.67 | $ 0.85 |
The Gap, Inc. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
UNAUDITED | ||||||||
39 Weeks Ended | ||||||||
($ in millions) | November 2, | October 28, | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ 638 | $ 317 | ||||||
Depreciation and amortization | 371 | 394 | ||||||
Gain on sale of building | — | (47) | ||||||
Change in merchandise inventory | (344) | (5) | ||||||
Change in accounts payable | 156 | 133 | ||||||
Other, net | 49 | 40 | ||||||
Net cash provided by operating activities | 870 | 832 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (330) | (288) | ||||||
Net proceeds from sale of building | — | 76 | ||||||
Purchases of short-term investments | (343) | — | ||||||
Proceeds from sales and maturities of short-term investments | 97 | — | ||||||
Net proceeds from divestiture activity, net of cash paid | — | 9 | ||||||
Net cash used for investing activities | (576) | (203) | ||||||
Cash flows from financing activities: | ||||||||
Repayments of revolving credit facility | — | (350) | ||||||
Proceeds from issuances under share-based compensation plans | 27 | 18 | ||||||
Withholding tax payments related to vesting of stock units | (48) | (16) | ||||||
Cash dividends paid | (169) | (166) | ||||||
Other | (3) | (2) | ||||||
Net cash used for financing activities | (193) | (516) | ||||||
Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash | (4) | (7) | ||||||
Net increase in cash, cash equivalents, and restricted cash | 97 | 106 | ||||||
Cash, cash equivalents, and restricted cash at beginning of period | 1,901 | 1,273 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ 1,998 | $ 1,379 | ||||||
____________________ | ||||||||
(a) For the thirty-nine weeks ended November 2, 2024 and October 28, 2023, total cash, cash equivalents, and restricted cash includes |
The Gap, Inc. | |||||
NON-GAAP FINANCIAL MEASURES | |||||
UNAUDITED | |||||
FREE CASH FLOW |
Free cash flow is a non-GAAP financial measure. We believe free cash flow is an important metric because it represents a measure of how much cash a company has available for discretionary and non-discretionary items after the deduction of capital expenditures. We require regular capital expenditures including technology improvements as well as building and maintaining our stores and distribution centers. We use this metric internally, as we believe our sustained ability to generate free cash flow is an important driver of value creation. However, this non-GAAP financial measure is not intended to supersede or replace our GAAP results.
39 Weeks Ended | |||||
($ in millions) | November 2, | October 28, | |||
Net cash provided by operating activities | $ 870 | $ 832 | |||
Less: Purchases of property and equipment | (330) | (288) | |||
Free cash flow | $ 540 | $ 544 |
The Gap, Inc. | ||||||||||||||
NON-GAAP FINANCIAL MEASURES | ||||||||||||||
UNAUDITED | ||||||||||||||
ADJUSTED STATEMENT OF OPERATIONS METRICS FOR THE THIRD QUARTER OF FISCAL YEAR 2023 |
The following adjusted statement of operations metrics are non-GAAP financial measures. These measures are provided to enhance visibility into the Company's underlying results for the period excluding the impact of restructuring costs. Management believes the adjusted metrics are useful for the assessment of ongoing operations as we believe the adjusted items are not indicative of our ongoing operations, and provide additional information to investors to facilitate the comparison of results, on an annualized basis, against past and future years. However, these non-GAAP financial measures are not intended to supersede or replace the GAAP measures.
Operating | Operating | Operating | Operating | Income Tax | Net Income | Earnings per | ||||||||
($ in millions) | ||||||||||||||
GAAP metrics, as reported | $ 1,306 | 34.7 % | $ 250 | 6.6 % | $ 32 | $ 218 | $ 0.58 | |||||||
Adjustments for: | ||||||||||||||
Restructuring costs (a) | (5) | (0.1) % | 5 | 0.1 % | 2 | 3 | 0.01 | |||||||
Non-GAAP metrics | $ 1,301 | 34.5 % | $ 255 | 6.8 % | $ 34 | $ 221 | $ 0.59 | |||||||
____________________ | ||||||||||||||
(a) Primarily represents consulting and other associated costs related to our previously announced actions to further simplify and optimize our operating model and structure. | ||||||||||||||
(b) Metrics were computed individually for each line item; therefore, the sum of the individual lines may not equal the total. |
The Gap, Inc. | |||||||||||||
NET SALES RESULTS | |||||||||||||
UNAUDITED | |||||||||||||
The following table details the Company's third quarter fiscal year 2024 and 2023 net sales (unaudited): | |||||||||||||
($ in millions) | Old Navy | Gap Global | Banana | Athleta | Other (2) | Total | |||||||
13 Weeks Ended November 2, 2024 | |||||||||||||
U.S. (1) | $ 1,949 | $ 683 | $ 406 | $ 281 | $ 21 | $ 3,340 | |||||||
190 | 95 | 43 | 9 | — | 337 | ||||||||
Other regions | 11 | 121 | 20 | — | — | 152 | |||||||
Total | $ 2,150 | $ 899 | $ 469 | $ 290 | $ 21 | $ 3,829 | |||||||
($ in millions) | Old Navy | Gap Global | Banana | Athleta | Other (2) | Total | |||||||
13 Weeks Ended October 28, 2023 | |||||||||||||
U.S. (1) | $ 1,917 | $ 664 | $ 398 | $ 267 | $ 15 | $ 3,261 | |||||||
193 | 96 | 42 | 10 | — | 341 | ||||||||
Other regions | 16 | 127 | 20 | 2 | — | 165 | |||||||
Total | $ 2,126 | $ 887 | $ 460 | $ 279 | $ 15 | $ 3,767 | |||||||
____________________ | |||||||||||||
(1) | |||||||||||||
(2) Primarily consists of net sales from revenue-generating strategic initiatives. |
The Gap, Inc. | |||||||||
REAL ESTATE | |||||||||
Store count, openings, closings, and square footage for our stores are as follows: | |||||||||
February 3, 2024 | 39 Weeks Ended November 2, 2024 | November 2, 2024 | |||||||
Number of | Number of Stores | Number of Stores | Number of | Square Footage | |||||
Old Navy North America | 1,243 | 19 | 7 | 1,255 | 19.9 | ||||
Gap | 472 | 3 | 14 | 461 | 4.9 | ||||
Gap | 134 | — | 9 | 125 | 1.1 | ||||
Banana Republic North America | 400 | 3 | 10 | 393 | 3.3 | ||||
Banana Republic Asia | 43 | 2 | 5 | 40 | 0.1 | ||||
Athleta North America | 270 | 2 | 2 | 270 | 1.1 | ||||
Company-operated stores total | 2,562 | 29 | 47 | 2,544 | 30.4 | ||||
Franchise | 998 | 121 | 60 | 1,059 | N/A | ||||
Total | 3,560 | 150 | 107 | 3,603 | 30.4 |
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SOURCE Gap Inc.
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